Truist cuts Upland Software to Hold on execution risk, spending on growth plan

As previously reported, Truist analyst Terry Tillman downgraded Upland Software to Hold from Buy with a price target of $9, down from $11. The company’s Q4 results were "solid", but its major new growth initiative that includes grouping product portfolios into common points of leverage and digitizing GTM increases its near- and medium-term investments, the analyst tells investors in a research note. The firm adds that while the plan "has merit" but also comes with execution risk in achieving Upland’s long-term targets of 5-10% organic growth and 30-35% AEBITDA margins.