Smartsheet price target raised to $57 from $55 at Morgan Stanley

Morgan Stanley analyst Josh Baer raised the firm’s price target on Smartsheet to $57 from $55 and keeps an Overweight rating on the shares after Q2 results beat consensus across metrics. While unchanged FY25 growth guidance contrasted with meaningfully higher margin and free cash flow guidance, management remains bullish on the new pricing model and enterprise strength and “impressive FCF growth remain underpriced,” the analyst tells investors.