Kaltura, Inc. (KLTR) PT Lowered to $3 at Needham

Needham analyst Ryan Koontz lowered the price target on Kaltura, Inc. (NASDAQ: KLTR) to $3.00 (from $5.00) while maintaining a Buy rating.

The analyst comments "KLTR delivered inline 1Q24 results and guided for flat revenue and EBITDA just over breakeven for 2Q and F24. 1Q subscription revenue (+2% y/y) reflected further q/q slowing as NDRR lagged to 98% on down-selling and pricing pressure. Opex discipline enabled KLTR to post its 3rd consecutive positive Ajd.EBITDA Q despite broad industry headwinds. KLTR continues to innovate at a brisk pace, evidenced by its impressive F500 logo collection and is introducing new AI feature sets across its portfolio. While acknowledging a slow-growth TAM and channel challenges of a small company, we see high value in the company's product and tech stack, which could fit well with larger enterprise vendors and event operators. We maintain our Buy rating and lower our PT to $3 from $5, pending increased conviction on a return to MSD% growth."

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