ZipRecruiter downgraded to Outperform on soft outlook at Raymond James

Raymond James downgraded ZipRecruiter to Outperform from Strong Buy with an unchanged price target of $26. While the company’s Q4 revenues were modestly ahead of estimates and guidance, it guided to softer than expected 2023 revenues as January did not see the typical seasonal improvement in job listings, the analyst tells investors in a research note. As such, ZipRecruiter has assumed softer hiring trends persist throughout 2023, the firm points out. Raymond James maintains a positive fundamental view on the shares but downgraded ZipRecruiter on the slower start to jo hiring in 2023.