Commerce.com price target lowered to $6 from $11 at Canaccord

Canaccord lowered the firm’s price target on Commerce.com (CMRC) to $6 from $11 and keeps a Buy rating on the shares. The firm said results were mixed where both top- and bottom-line metrics were more or less at the mid-point of guidance, which notably is the first quarter since Q2/23 where Cthe company did not exceed the high-end of its profit targets. Canaccord believes this likely signals GMV and, relatedly, PSR softness versus expectations in what was obviously an important holiday selling season for e-commerce.