Thryv: Strategic SaaS Transition Clouds Near-Term Growth Visibility, Supporting a Neutral Hold Rating

William Blair analyst Arjun Bhatia has reiterated their neutral stance on THRY stock, giving a Hold rating on February 20.

Arjun Bhatia has given his Hold rating due to a combination of factors tied to Thryv’s strategic transition and its impact on growth visibility. The company is shifting to its new Market, Sell, Grow platform and dialing back its older multiproduct and legacy marketing-services motions, which has already led to a sizable revenue guidance shortfall and implies that 2026 will be a reset year with meaningfully slower SaaS growth than in 2025.

As Thryv reduces its dependence on migrating legacy clients and instead leans more on still-developing organic customer acquisition and expansion, execution risk increases and the near-term growth trajectory becomes harder to forecast. Although the shares trade at what appear to be inexpensive multiples on 2026 SaaS revenue and EBITDA (especially if one assumes little value for the legacy operations), Bhatia sees the stock remaining out of favor until investors gain better clarity on the company’s sustainable growth rate, supporting a neutral, or Hold, stance rather than a more decisive buy or sell call.

In another report released on February 20, RBC Capital also maintained a Hold rating on the stock with a $7.00 price target.