Everbridge falls on CEO's resignation plan

Everbridge

10/12/2021 11:49

** Shares of software co Everbridge Inc  EVBG.O  down 28% at
$83 premarket 
    ** EVBG on Thursday said David Meredith has notified co's
Board of his intention to resign from his role as chief
executive officer  urn:newsml:reuters.com:*:nBw3Fc92Ca
    ** Co reiterated its outlook for Q4 and FY21 and said on a
preliminary basis, it anticipates revenue growth of 20% to 23%
in 2022
    ** J.P. Morgan cuts rating on stock to "neutral" from
"overweight"; lowers PT to $127 from $200
    ** "We are bringing down our 2022 revenue growth forecasts
to 22.5% growth and raising our expense assumptions in
anticipation of potential disruption from the leadership
changes" - JPM
    ** Canaccord Genuity says management provided preliminary
2022 guidance below its expectations leading brokerage to reduce
estimates; lowers PT to $178 from $200
    ** Avg. rating of 13 analysts is "buy"; median PT is $160 -
Refinitiv data
    ** As of last close, stock had fallen ~23% this year    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))