Oppenheimer cuts Intapp to 'perform' on lack of near-term catalysts

Intapp

08/07/2024 09:30

** Oppenheimer downgrades Intapp Inc  INTA.O  to "perform"
from "outperform" citing concerns on strengthening competition
and fewer near-term catalysts
    ** Brokerage says the cloud-based IT service provider has
less defensible moat in the AI era as competitors with "larger
data warehouses to offer more comprehensive AI models, and
better efficacy"
    ** AI and cyclical challenges in the category to affect
hiring for sales and account management roles - brokerage
    ** "In our view, these headwinds will result in a growth
slowdown and less predictable and inefficient business model for
Intapp" in the future, brokerage adds
    ** INTA shares down 1.2% at $35.85 in premarket trading
    ** Avg rating on the stock is "buy"; their median PT is $47
- LSEG
    ** Up to last close, INTA down ~4.5% YTD

 (Reporting by Kanchana Chakravarty in Bengaluru)
 ((Kanchana.Chakravarty@thomsonreuters.com))