ShotSpotter price target lowered to $33 from $44 at Lake Street

Lake Street analyst Jaeson Schmidt lowered the firm’s price target on ShotSpotter to $33 from $44 and keeps a Buy rating on the shares after Brandon Johnson, who "has long been opposed to ShotSpotter and its technology," was elected the next mayor of the city of Chicago. The firm’s understanding is that the contract, which was originally set to expire in August, was extended to February 2024 and it believes the likely scenario will be Chicago honors the currently in-place extension but potentially terminates the relationship once the contract is completed. While Lake Street believes ShotSpotter can still show growth this year and next even if revenue from Chicago "ultimately goes away," it thinks concerns that other cities may follow suit "might put a lid on the multiple investors are willing to assign shares in the near term."