WM Technology cut to Hold at Truist after guidance cut

Truist analyst Terry Tillman downgraded WM Technology to Hold from Buy with a price target of $2, down from $5. The company’s updated 2022 guidance was materially below previous expectations again amid the continued lack of near-term visibility in the business, the analyst tells investors in a research note, also citing the newly announced CEO transition and search and its diminished balance sheet flexibility. Tillman adds that he will remain at Hold on WM Technology until he sees improvement in both end market demand as well as operational efficiency.