Smartsheet price target raised to $45 from $40 at DA Davidson

DA Davidson analyst Robert Simmons raised the firm’s price target on Smartsheet to $45 from $40 and keeps a Buy rating on the shares. The company reported good results with a solid revenue beat and strong margin outperformance, but demand outlook remains cautious, the analyst tells investors in a research note. Simmons adds that he is lowering his FY24 revenue estimates to $962M from $968M, though he is "happy with the margin trade-off".