RBC Capital raised the firm’s price target on Smartsheet to $51 from $43 and keeps a Sector Perform rating on the shares. The company’s Q2 results were mixed, with lackluster revenue and annual recurring revenue, ARR, upside and underwhelming guidance, but its free cash flow and earnings moved higher on strong profitability, the analyst tells investors in a research note. Macro headwinds remain, but Smartsheet’s enterprise focus continues to insulate the company’s results relative to peers, the firm added.
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