Five9, Inc (FIVN) PT Lowered to $67 at Roth/MKM

Roth/MKM analyst Richard Baldry lowered the price target on Five9, Inc (NASDAQ: FIVN) to $67.00 (from $90.00) while maintaining a Buy rating.

The analyst comments "Despite a track record of conservative guidance, FIVN abruptly reversed from an expected sharp 2H24 growth acceleration (prior expected to reach 25%) to a flattish 2H24 growth rate in the 10% level despite good actual results for 2Q24 which beat strongly on the revenue and AEBITDA lines. Slowed bookings late in 2Q24 were cited as challenging, and 2H seasonal peak volume-driven revenues are now seen muted by macro headwinds. Given already severe valuation pressure, we maintain our Buy rating with a lowered $67PT ($90 prior)."

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