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Yext management to meet with SunTrust
Meeting to be held in New York on January 16 hosted by SunTrust.
Yext 17% post earnings selloff a buying opportunity, says Berenberg
Yext last week reported a "mixed set" of Q3 earnings with continued strong revenue growth tempered by lower than expected billings growth, Berenberg analyst Brett Knoblauch tells investors in a research note. The analyst attributes the 17% selloff post earnings to a focus on quarterly billings, but he views this a "poor metric" for evaluating Yext's performance given the volatility from quarter to quarter. As such, he believes the selloff following the Q3 results creates a buying opportunity. Knoblauch believes the "story is intact" and reiterates a Buy rating on Yext with a $25 price target.
Yext downgraded to Underweight from Equal Weight at Morgan Stanley
Yext downgraded to Underweight on near-term headwinds at Morgan Stanley
As previously reported, Morgan Stanley analyst Stan Zlotsky downgraded Yext to Underweight from Equal Weight and cut his price target on the shares to $15 from $18, citing his view that the consensus forecast for FY20 revenue looks high and that overall IT spend volatility for a slightly more discretionary product may weigh on demand. He also believes a growth rotation from SMB to Enterprise adds risk, Zlotsky tells investors.
Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,
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