PagerDuty (PD) PT Lowered to $17 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the price target on PagerDuty (NYSE: PD) to $17.00 (from $18.00) while maintaining a Outperform rating.

The analyst commented: "PagerDuty reported a mixed quarter and outlook as seat-based optimizations accelerated. With that, the company is looking to emphasize multi-year contracts and earlier renewal processes to combat seat pressures. While we remain cautious on seat-based headwinds and have less confidence in short-term top-line acceleration, we are encouraged by the continued leverage shown through profitability outperformance"

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