BofA analyst Michael Funk initiated coverage of Smartsheet (SMAR) with an Underperform rating and $45 price target. Competitive intensity is increasing in Smartsheet’s corre enterprise market and the firm sees less room for revenue acceleration than it does at peers, the analyst tells investors. The firm is bullish on the setup for collaborative work management software entering 2024, but prefers to have exposure through Asana (ASAN) and Monday.com (MNDY), the analyst added.
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