Stagwell price target lowered to $7 from $8 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on Stagwell to $7 from $8 and keeps an Equal Weight rating on the shares. The company saw organic growth worsen sequentially in Q2 and the management cut its FY23 guide, which now assumes a sufficient level of conservatism, the analyst tells investors in a research note. The reset also likely creates concerns around however, the firm adds.