Sprout Social upgraded to Overweight from Neutral at Cantor Fitzgerald

Cantor Fitzgerald upgraded Sprout Social to Overweight from Neutral with a price target of $74, up from $48. 2023 was filled with a lot of noise, mostly stemming from management’s decision to put through price increases and effectively force small, low-paying customers off of the platform, which resulted in Sprout’s total customer count declining by more than 2,000 through the first nine months of 2023, the analyst tells investors in a research note. The firm expects Sprout’s story to become much cleaner in 2024, which makes its current valuation attractive.