- RBC Capital analyst Rishi Jaluria kept his Sector Perform rating and $32 price target on Smartsheet Inc (NYSE:SMAR) after attending its Engage 2022 annual user conference.
- After speaking with 12 customers and Investor Relations, he is more optimistic about Smartsheet’s go-to-market and competitive positioning but mixed on the spending outlook.
- Also Read: Needham Remains Most Optimistic On Smartsheet Citing Robust CWM Demand, And Veeva For Digitization Of Budgets
- On the positive side, customer interest in Advance was encouraging, and he saw meaningful expansion opportunities within the installed base.
- However, near-term spending intentions were mixed, and while the partner announcement was positive, the ecosystem is still very early and growing much slower than total revenue.
- He remains sidelined given his concerns about crowded competition in an unproven TAM.
- MoffettNathanson analyst Jackson Ader initiated coverage on Smartsheet with an Outperform rating and a $50 price target.
- Price Action: SMAR shares traded lower by 2.95% at $31.62 on the last check Monday.
COVID-19 Testing Lab In UK Misreported Several Positive Cases As Negative
An investigation by the UK's Health Security Agency (UKHSA) found the Immensa laboratory to have misreported around 39,000 tests as negative when they should have been positive between September 2 and October 12, 2021.
