Sprinklr downgraded to Hold from Buy at Stifel

Stifel analyst J. Parker Lane downgraded Sprinklr to Hold from Buy with a price target of $8, down from $12. The company beat Q3 estimates but offered an initial outlook for revenue growth in 2023 that called for a 10% deceleration to 15% year-over-year growth as a result of macro headwinds, Lane tells investors in a research note. Management noted an incrementally more challenging macro environment during Q3 than Q2, with European markets experiencing more pressure, says the analyst. Lane believes the pressure on enterprise IT budgets and lack of visibility on the trajectory/pace of margin expansion will weigh on Sprinklr shares.