Baird Downgrades Sprout Social Inc. (SPT) to Neutral
Baird analyst Ron Oliver downgraded Sprout Social Inc. (NASDAQ: SPT) from Outperform to Neutral with a price target of $45.00 (from $72.00).
The analyst comments "Sprout Social reported mixed results with the big surprise coming from 2024 revenue guidance being lowered amid execution challenges. Company attributed the reduction to greater enterprise seasonality and sales execution. In sum, the call was a "perfect storm" of lowered guidance, pulled metrics, and a choppy growth narrative. Sales changes (and lack of GTM leader) portend further uncertainty. We take our rating to Neutral as we expect shares to remain under pressure as investors look for signs of stabilization. Management will attend Baird's GCTS Conference in June in NYC."
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Shares of Sprout Social Inc. closed at $48.15 yesterday.