Oppenheimer analyst Ittai Kidron lowered his price target for Smartsheet to $53 from $58 to reflect recent market multiple contraction. After attending Smartsheet's Engage conference, the analyst feels the company's making strong strides in transforming into a mainstream automation vendor, coming away confident in its ability to execute to meet its growth and long-term margin targets. Kidron reiterates an Outperform rating on the shares as he sees a long growth runway ahead given a low penetration rate and growing awareness. He views the recent pullback as a compelling entry point.