Citizens analyst Patrick Walravens reiterated a Market Outperform rating and $11.00 price target on Sprinklr Inc (NYSE: CXM).

The analyst commented, "We continue to view the company as an attractive opportunity for capital appreciation for several reasons, including: 1) Sprinklr is "starting to see a bend in that renewal rate" and "delivered [its] best renewal rates over the past four quarters," a positive development against what we view as Sprinklr's most important initiative right now, mitigating churn; 2) while in its transition phase, the company continues to make targeted investments in AI such as adding more forward deployed engineers, which we think is becoming increasingly important in order to really make AI work within complicated tech stacks; 3) the company's AI-native unified platform is seeing "robust, enterprise-wide AI adoption" driven by its AI agents, contact center, and copilot offerings and resulting in ARR from generative AI native Sprinklr Service SKUs growing 50% y/y; 4) Sprinklr targets a $60B+ total addressable market; and 5) we continue to believe that successful execution can help unlock the strategic value of Sprinklr through an acquisition (as was the case with Mr. Read's last company, Vonage) and that it would make for an attractive target for a larger vendor."

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Shares of Sprinklr Inc closed at $5.74 yesterday.