UPDATE: Citi Starts Smartsheet Inc. (SMAR) at Neutral

(updating comment)

Citi analyst Walter Pritchard initiates coverage on Smartsheet Inc. (NYSE: SMAR) with a Neutral rating and a price target of $58.00.

The analyst comments "We see significant “greenfield” growth opportunity for Smartsheet (Neutral, 2H, $58 target) in the re-born CWM category, but also a very crowded landscape as well as feature creep into CVM from adjacent products. SMAR kept its NRR metric high, expanding into existing customers and fueling growth that may be sustainable near-term, but they appear too reliant on this driver medium-term."

For an analyst ratings summary and ratings history on Smartsheet Inc. click here. For more ratings news on Smartsheet Inc. click here.

Shares of Smartsheet Inc. closed at $52.10 yesterday.

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