CCC Intelligent Solutions price target lowered to $6 from $8 at Piper Sandler

Piper Sandler lowered the firm’s price target on CCC Intelligent Solutions (CCC) to $6 from $8 and keeps a Neutral rating on the shares following quarterly results. The firm says that although it was a beat, peer group multiples are meaningfully lower given concern among investors about disintermediation for SaaS companies along with those adjacent to insurance distribution. Piper anticipates shares react favorably as results were better than expected, while the market had been pricing in deterioration not just for Q4 but prospectively.