Sprinklr price target lowered to $16 from $22 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Sprinklr to $16 from $22 but keeps an Outperform rating on the shares. The company’s Q3 results were "mixed" due to delays and longer sales cycles, the analyst tells investors in a research note, adding that its RPO growth of 28% was down from 33% last quarter and billings growth of 19% was down from 22% last quarter. Walravens is also reducing his enterprise value to expected 2023 revenue multiple to 6.2-times from 8.4 due to Sprinklr’s "tempered growth expectations".