UPDATE: JPMorgan Downgrades Alteryx (AYX) to Underweight
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JPMorgan analyst Mark Murphy downgraded Alteryx (NYSE: AYX) from Neutral to Underweight with a price target of $88.00.
The analyst comments "We are downgrading AYX to Underweight from Neutral, although we are maintaining the same PT of $88 based on ~11x EV/CY20E revenue. Alteryx currently trades at 15x EV/CY20E, which is at a premium to the Big Data peers (trading at ~5x), Mid/Large-Cap Category Leaders (at 12x), and SMid-Cap Growth comps (at ~14x). We believe Alteryx’s risk/reward is skewed toward downside at these levels as its alignment to data growth is tempered by potential immediate impact to topline in a less robust economic environment, relatively high product pricing, an evolving competitive landscape, and relatively high exposure to retail and financial services."
Shares of Alteryx closed at $116.05 yesterday.
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