BofA lowered the firm’s price target on PagerDuty (PD) to $6 from $12 and keeps an Underperform rating on the shares following “mixed” fiscal Q4 results. While Q4 results were above expectations, the firm thinks a softer demand environment going forward could weigh on sentiment and cites infrastructure software peer multiple compression, elevated execution risks, and deteriorating fundamentals for its rating and lower target.
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