Weave price target raised to $12 from $6 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Weave to $12 from $6 and keeps a Neutral rating on the shares. The firm says that after two years of moderating growth trends, it sees encouraging signs that cloud applications sector growth rates could stabilize in the second half of 2023 to the mid-to-high teens with the potential to accelerate entering 2024. Sector operating margins are also poised to materially improve across both large-cap and small-cap cohorts, in part driven by layoffs, the analyst tells investors in a research note.