Sprinklr price target lowered to $10 from $16 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Sprinklr to $10 from $16 and keeps an Outperform rating on the shares. The analyst notes Sprinklr reported mixed Q3 results and guidance. While the initial 2024 revenue guidance is worse than expectations, as management takes a defensive approach, Schwartz thinks it is the right move given the macro uncertainties and management’s commitment to profitable growth and increasing free cash flow. He believes the profitable growth story in 2024 looks achievable given a stable retention rate and slowing expense growth.