Smartsheet Inc. (SMAR) PT Lowered to $48 at BMO Capital

BMO Capital analyst Keith Bachman lowered the price target on Smartsheet Inc. (NYSE: SMAR) to $48.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "We believe that SMAR can deliver modest upside to January quarter billings and revenues. In contrast, we think that FY25 consensus billings and revenue estimates are too high and will likely move lower. We believe that investors are increasingly valuation sensitive, and that SMAR has an attractive valuation based on NTM FCF to growth multiples. However, given concerns about the direction of FY25 estimates and the longer-term competitive nature of the market segment, we are lowering our target price from $52 to $48, though we retain our Outperform rating."

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