Stem price target lowered to $17 from $20 at Susquehanna

Susquehanna lowered the firm’s price target on Stem to $17 from $20 and keeps a Positive rating on the shares. The analyst said 4Q results were mixed and management’s 2023 revenue and CARR guidance came in below our expectations. However, demand remains robust as bookings doubled year-over-year. 2023 projected bookings are expected to increase another ~50% year-over-year, exceeding our forecast.