Smartsheet price target raised to $57 from $54 at DA Davidson

DA Davidson analyst Robert Simmons raised the firm’s price target on Smartsheet to $57 from $54 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 earnings beat and guidance to better-than-expected margin improvement in FY24. DA Davidson adds that while the macro environment is impacting Smartsheet to some extent, the management is driving efficiencies across the organization and has taken a conservative view on growth that sets it up for outperformance in most scenarios.