LivePerson (LPSN) PT Lowered to $20 at Mizuho Securities

Mizuho Securities analyst Siti Panigrahi lowered the price target on LivePerson (NASDAQ: LPSN) to $20.00 (from $32.00) while maintaining a Neutral rating.

The analyst commented, "LivePerson posted solid Q4 results but guided to FY22 growth well below consensus (18% Y/Y at midpoint vs. 27% Y/Y) and a significant deceleration of growth from FY21's 28% Y/Y on abandoning its FY22 target of 200 sales reps (144 at the end of Q4), its Gainshare business expected to fall as a % of revenue (10-12% vs. previous expectation of 15%), and changes in government policy on COVID-19 testing, a -10ppt aggregate impact vs. prior management expectations. We are not surprised by the disappointing FY22 guide as we alluded to fading pandemic tailwinds for LivePerson's core business in our downgrade note. We maintain our Neutral rating and lower our PT to $20."

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