Smartsheet price target lowered to $42 from $48 at BMO Capital

BMO Capital lowered the firm’s price target on Smartsheet to $42 from $48 and keeps an Outperform rating on the shares. The company reported “modest” upside relative to January quarter billings and revenue expectations, though its FY25 annual recurring revenue guide was “much weaker than expected”, implying a “material” deceleration in growth, the analyst tells investors in a research note. Longer term, the firm remains positive on the workflow market segment, adding that Smartsheet offers “compelling value”.