BTIG initiated coverage of Freshworks (FRSH) with a Neutral rating. Over the past several years, Freshworks has narrowed its focus from serving virtually all areas of the app stack for small to medium businesses to honing in on its two core divers, namely Customer Experience and Employee Experience, and focusing on moving up market, the analyst tells investors in a research note. While the firm is encouraged by this and other steps, the company is increasingly relying on its EX business to drive growth, and concerns over generative AI and its impacts to the customer service and support market holistically linger, the analyst adds.
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