Smartsheet price target lowered to $55 from $60 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Smartsheet to $55 from $60 and keeps an Outperform rating on the shares. Smartsheet delivered solid Q4 results showcasing better-than-expected operating margin, and while enterprise trends are holding steady, Q1 and FY25 guidance fell short of expectations, reflecting the still uncertain macro environment, weakening SMB trends, and incremental caution for a CRO transition, the analyst tells investors in a research note.