Sprout Social Inc. (SPT) PT Lowered to $38 at Baird

Baird analyst Ron Oliver lowered the price target on Sprout Social Inc. (NASDAQ: SPT) to $38.00 (from $45.00) while maintaining a Neutral rating.

The analyst commented: "Outsized moves in small-cap equities can drive interest among a new class of investors, and that is what we are seeing with SPT. Recently, calls have been dominated by GARP investors looking for opportunity in a growth story. We saw something similar at our early-June conference. This is a healthy part of the process. We expect shares to be range bound into early-August (Q2'24 earnings) given concern around FY'24 estimates, and we remain on the sidelines. We visit SPT HQ in August with an eye towards assessing our view."

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