Sprout Social Inc. (SPT) PT Raised to $14 at Stifel on Growth Levers, Broadening Scope of Trellis

Stifel analyst Parker Lane raised the price target on Sprout Social Inc. (NASDAQ: SPT) to $14.00 (from $12.00) while maintaining a Buy rating.

The analyst commented, "We believe a continuation of solid upmarket ($30k+ ARR) trends and a modest 2H outlook on the downmarket portion of the business, which is expected to potentially carry negative growth rates before stabilizing next year, have the company well positioned to drive a typical ~1 point top-line beat. We believe management has guided to the full-year with a prudent level of conservatism, though is taking actions to help drive better outcomes downmarket with the new Essentials package, and from an upsell standpoint, continues to have growth levers through its core premium products and now Trellis, which continues to broaden in scope."

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