Workiva price target lowered to $113 from $123 at BMO Capital

BMO Capital lowered the firm’s price target on Workiva to $113 from $123 but keeps an Outperform rating on the shares. The company posted a “moderate” Q4 earnings beat but guided 2024 growth rate below consensus to down 14% from last year, the analyst tells investors in a research note. BMO adds however that the drivers of its supportive thesis on the stock are “reasonably intact”, including a solid core with pricing opportunities, ramping ESG demand, improving margins, and optionality when capital markets improves.