Piper Sandler cuts PT on cloud software stocks with high international exposure

Global-E Online

06/04/2022 14:15

** Piper Sandler cuts PT on cloud software companies Twilio
 TWLO.N , Unity  U.N  and Global-E Online  GLBE.O  as the
brokerage now sees risks from their high international exposure
post the Ukraine crisis
    ** Brokerage cuts PT on GLBE to $58 from $72, for TWLO to
$270 from $400, and to $145 from $180 for Unity
    ** Expects these companies, which derive large chunks of
their revenue from customers outside the U.S., to be hit by FX
currency headwinds and recession risks in the European Union -
Piper Sandler
    ** Shares of GLBE, TWLO and Unity down between 2.5% and 3.1%
premarket
    ** However, brokerage says it is relieved after seeing a
rebound in cloud software stocks since the later half of March
after stock valuations took a hit last year
    ** Piper Sandler also notes private equity interest in the
space, such as Thoma Bravo's bid for Anaplan  PLAN.N , could
trigger broader M&A consolidation trend

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com))