Upland Software (UPLD) PT Lowered to $2.50 at Roth/MKM

Roth/MKM analyst Richard Baldry lowered the price target on Upland Software (NASDAQ: UPLD) to $2.50 (from $3.00) while maintaining a Sell rating.

The analyst comments "4Q23 results essentially matched muted expectations, with revenues and AEBITDA continuing downward sequential trends that started in mid-2022. Revenues were UPLD's lowest since 1Q20 and AEBITDA was its lowest since 3Q18. Guidance midpoints call for sequentially lower 1Q24 revenue and flattish AEBITDA and its most optimistic outlook sees exiting 2024 with 3% organic growth. We reiterate our Sell rating with a lowered $2.50 price target."

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