Yext price target lowered to $8 from $12.50 at Roth MKM

Roth MKM lowered the firm’s price target on Yext to $8 from $12.50 and keeps a Buy rating on the shares. The company reported fiscal Q3 revenue below guidance and expectations and also lowered its Q4 revenue outlook, largely driven by the loss of a $10M-plus annual recurring revenue customer, the analyst tells investors in a research note. The firm says improving profitability “remains the only silver lining” as Yext’s EBITDA came in above expectations. The company’s tone seemed cautious for the second half of 2023, citing the spotty macro environment, yet, management echoed confidence around growth re-acceleration prospects driven by improved sales productivity, says Roth.