Semrush price target raised to $17 from $15 at Jefferies

Jefferies raised the firm’s price target on Semrush to $17 from $15 and keeps a Buy rating on the shares. The company’s Q1 revenue and earnings came in slightly ahead of expectations and its 2024 guidance for both revenues and margins was modestly increased, the analyst tells investors in a research note. The firm believes Semrush’s new enterprise platform should help continue supporting sales growth. It sees steady growth and the company’s profitability improving faster than anticipated.