Bending Spoons (BSP) PT Lowered to $72 at Mizuho

Mizuho analyst Lloyd Walmsley lowered the price target on Bending Spoons (NASDAQ: BSP) to $72.00 (from $72.28) while maintaining a Outperform rating.

The analyst commented: "Bending Spoons first quarter showed solid execution, with faster-than-expected synergy realization and better Adj OI in the quarter. We believe the full-year 2026 outlook, which excluded acquisition impact in 4Q, was ahead of our organic expectations and only fell shy of consensus given expectations for M&A contribution in sell-side models that was not incorporated in the guide. We had previously modeled $115M of 4Q revenue from acquisitions, excluding which the guide beat our estimates. Out of an abundance of caution, we have now pushed this in our model entirely to 1Q27. We continue to view the company as worth more than the sum of its acquisitions given a compelling machine for acquiring and transforming companies and significant opportunities ahead, similar to Airtable. We maintain our $72 price target and reiterate our Outperform rating."

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