Analysts lowered price targets on Anaplan Inc. despite Q3 beat and upbeat outlook. Goldman Sachs analyst Kash Rangan lowered the Price Target (PT) to $58 from $67 (11.4 percent upside) and kept a Neutral.
Rangan sees continued billings volatility but believes Anaplan remains well-positioned to capitalize on a recovery in demand.
However, with incremental competition in the market longer-term, he prefers to own Workday Inc. for exposure to increasing digitization within the office of the CFO.
Morgan Stanley analyst Stan Zlotsky lowered the PT to $73 from $80 (40.2 percent upside) and kept an Overweight.
Mizuho analyst Siti Panigrahi lowered the PT to $70 from $90 and kept a Buy.
Wells Fargo analyst Michael Turrin lowered PT to $75 from $85 (44.1 percent upside) and kept an Overweight.
KeyBanc analyst Josh Beck lowered PT to $60 from $80 (15.3 percent upside) and kept an Overweight.
Wolfe Research analyst Alex Zukin lowered PT to $55 from $77 (5.6 percent upside) and kept an Outperform.
Truist analyst Terry Tillman lowered the PT to $70 from $80 (34.5 percent upside) and kept a Buy.
Canaccord analyst Joseph Vafi lowered the PT to $70 from $80 and kept a Buy.
Jefferies analyst Brent Thill lowered PT to $70 from $85 and kept a Buy.
Piper Sandler analyst Brent Bracelin downgraded to Neutral from Overweight with a PT of $48, down from $77 (7.8 percent downside).
Barclays analyst Raimo Lenschow lowered the PT to $68 from $84 (30.6 percent upside) and kept an Equal Weight.
Anaplan shares traded lower by 15.06 percent at $44.22 on the last check Thursday.
By Anusuya Lahiri
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