Urgent.ly (ULY) PT Lowered to $1 at Needham

Needham analyst Chris Pierce lowered the price target on Urgent.ly (NASDAQ: ULY) to $1.00 (from $1.50) while maintaining a Buy rating.

The analyst commented: "We reiterate our Buy rating but reduce our price target to $1 post 4Q results and company commentary. We continue to see ULY as a long-term winner pulling roadside assistance into a digitally connected future, leveraging their purpose-built tech leaning on their geospatial data engine. ULY spoke confidently towards contract renewals and signing on new customers, but the trajectory of growth continues to flatten, and we lower our FY25 growth assumptions on lower 1Q revenue guidance vs our prior assumptions. ULY re-iterated their target of achieving non-GAAP operating breakeven in mid 2025, but bears likely see a show-me story with low visibility into eventual revenue growth. Our updated $1 target represents a 5x multiple on our FY27E adj EBITDA estimate."

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