UPDATE: Cowen Downgrades Vimeo (VMEO) to Market Perform
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Cowen analyst John Blackledge downgraded Vimeo (NASDAQ: VMEO) from Outperform to Market Perform with a price target of $30.00 (from $50.00).
The analyst comments "Vimeo reported in line 3Q rev growth of +33% y/y, while gross margin was ahead onscale efficiencies & infra optimization. However, mgmt called for more muted growththan expected for both 4Q21 & FY22 given difficult comps and headwinds related to OTTand pricing changes. We lowered est's given the lower topline trajectory & downgrade toMarket Perform; PT to $30 vs $50 prior. Shares (30%)."
Shares of Vimeo closed at $24.49 yesterday.
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