Stem price target lowered to $12 from $17 at Susquehanna

Susquehanna analyst Biju Perincheril lowered the firm’s price target on Stem to $12 from $17 and keeps a Positive rating on the shares. The analyst said he is revising forecasts on slightly tempered growth. We are taking our estimates down as we believe the recent banking turmoil is likely to temporarily impact bookings and negatively weigh on 2024/25 deployments and revenue.