Qualtrics (XM) Bucking the Macro Pressures but PT Lowered to $43 at Morgan Stanley on Multiple Compression

Morgan Stanley analyst Keith Weiss lowered the price target on Qualtrics (NASDAQ: XM) to $43.00 (from $54.00) after the company delivered a Q1 revenue beat & Q2/FY22 raise in the face of demand concerns from an uncertain macro environment.

The analyst reiterated an Overweight rating, stating "Solid billings growth, NRR stabilizing at record highs & sustained demand as customers look for insight to navigate uncertain times provides confidence in outperformance vs FY22 targets". "Remain OW with a $43 PT (down from $54) on compression in the peer multiple group while our forward estimates are largely unchanged."

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