ZipRecruiter price target lowered to $12 from $14 at JPMorgan

JPMorgan analyst Doug Anmuth lowered the firm’s price target on ZipRecruiter to $12 from $14 and keeps a Neutral rating on the shares ahead of the Q3 report. The analyst believes the broader macro environment remains challenging in terms of hiring and small business spending, but says ZipRecruiter is focused on enterprise initiatives, expanding margins, and capitalizing on job seekers/freelancers tailwinds. The firm reduced estimates for 2024 given an expectation that macro headwinds will persist into next year.