Smartsheet price target raised to $59 from $48 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Smartsheet to $59 from $48 and keeps an Outperform rating on the shares. The company reported a “solid” quarter while its management called out ongoing small-business challenges but enterprise strength and narrowed the FY25 annual recurring revenue guide, the analyst tells investors in a research note. BMO adds that it is making “minimal” estimate changes but also sees upside risk from pricing/packaging changes that could provide upside tension to ARR over the next year. The firm raises its FY25 EPS view by 14c to $1.39.