Smartsheet price target lowered to $55 from $60 at Wells Fargo

Wells Fargo lowered the firm’s price target on Smartsheet to $55 from $60 and keeps an Overweight rating on the shares. The firm notes Smartsheet faces near-term seat based headwinds, creating a challenging ROY setup, but the firm continues to view it as well positioned long-term on enterprise moat, workflow automation capabilities, and valuation backstop, cheapest among its peers.