Analyst Maintains Hold on Transitional Strategy, Trims Price Target to $2 on Modest Growth Outlook

Analyst Thanos Moschopoulos from BMO Capital maintained a Hold rating on Thinkific Labs and decreased the price target to C$2.00 from C$2.25.

Thanos Moschopoulos has given his Hold rating due to a combination of factors, including results that were largely in line with expectations but accompanied by softer near-term guidance. While the company is seeing some momentum from its pivot toward larger enterprise and Plus customers, that strategy is still in transition, and management must execute further before a more bullish stance is warranted.

He also trimmed his target price to $2.00, reflecting modest growth expectations and a low EV/sales multiple that already embeds much of the current risk-reward. Although he sees limited downside given the subdued valuation and the prospect of sustained positive free cash flow, he is waiting for clearer acceleration in SaaS and ARR growth, since reliance on further payments penetration has natural limits and visibility on faster top-line expansion remains constrained.

Moschopoulos covers the Technology sector, focusing on stocks such as Celestica, CGI, and Shopify. According to TipRanks, Moschopoulos has an average return of 23.7% and a 62.38% success rate on recommended stocks.