Workiva price target lowered to $85 from $92 at Stifel

Stifel lowered the firm’s price target on Workiva to $85 from $92 and keeps a Hold rating on the shares. Workiva posted “solid” Q4 results, but issued revenue guidance about 200 basis points below the 2024 Street consensus, the analyst noted. While the firm believes the company has appropriately reset expectations to a level that will enable outperformance for 2024, outside factors, including ESG regulation and capital markets activity, are unlikely to meaningfully change the growth trajectory in the near-term, the analyst tells investors.