ZipRecruiter downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Mark Mahaney downgraded ZipRecruiter to In Line from Outperform with a price target of $18, down from $20, post the Q2 report. The company’s fundamentals are weaker than anticipated, and its trends are continuing to deteriorate faster than expected, the analyst tells investors in a research note. With ZipRecruiter’s revenue declines likely to accelerate into the second half of 2023, the firm does not see a positive catalyst for the shares over the next six months. It prefers to wait on the sidelines for a positive inflection in ZipRecruiter fundamentals before considering becoming constructive again.