Freshworks falls as Piper Sandler, Barclays cut PTs

Sprout Social

12/01/2022 13:15

** U.S.-listed shares of Indian software co  FRSH.O  fall
4.3% to $23.25 premarket
    ** Piper Sandler cuts price target to $38 from $53, while
Barclays reduces it to $27 from $45 
    ** Stock faces risk from the company's ability to deliver
growth, and potential interest rate hike from the U.S. Fed -
Piper
    ** Brokerage says correction in cloud stocks seems to be
subsiding; 100 largest publicly traded cloud companies lost 26%
between Nov. 1 and Jan. 6
    ** Brokerage bullish on Braze Inc  BRZE.O , Sprout Social
Inc  SPT.O , FRSH and Olo Inc  OLO.N  in small-cap cloud
category, rates "buy"
    ** In the past week, BOFA and Jefferies also cut PTs on FRSH
    ** FRSH has lost 32% since IPO on Sept. 22

 (Reporting by Yuvraj Malik in Bengaluru)
 ((yuvraj.malik@thomsonreuters.com))