Morgan Stanleyanalyst Stan Zlotsky downgraded Anaplan Inc. from Overweight to Equal-Weight and lowered the price target from $73 to $55, implying a 24 percent upside.
Zlotsky conducted another round of channel checks after the company’s Q3 earnings report, and the mixed checks suggest recent results “could be indicative of more prolonged challenges.”
Zlotsky thinks the upside in the stock could be limited given the ongoing challenges combined with investors’ low confidence in the management.
Anaplan is a business-performance management company. It offers cloud-based business planning and performance management platform based on a single hub where business users can create and use models. Anaplan provides finance, sales, supply chain, HR & workforce, and marketing solutions. The company also offers professional services.
