Everbridge (EVBG) PT Lowered to $40 at Stifel
Stifel analyst Parker Lane lowered the price target on Everbridge (NASDAQ: EVBG) to $40.00 (from $100.00) while maintaining a Hold rating.
The analyst commented, "Everbridge reported 4Q results that came in ahead of consensus but offered a reduced outlook for 2022. The downtick in revenue guidance is a result of sweeping changes the company is making to its platform and go-to-market in response to a comprehensive review of its strategy and operations. In addition to these changes, the company noted recent pricing trends and elongated implementation cycles in Public Warning will also create headwinds to growth in 2022. While we believe Everbridge is a leader in its category and the changes it's implementing will set the company up for long-term execution, we believe strategic shifts such as these take time to play out. As such, we are maintaining our Hold rating and reducing our target price on EVBG to $40 to reflect multiple compression across the group and the downtick in our top-line outlook for the business in 2022 and 2023."