Craig-Hallum downgrades Thryv Holdings to Hold on SaaS growth trends

As previously reported, Craig-Hallum downgraded Thryv Holdings (THRY) to Hold from Buy with a price target of $10, down from $25, following a deceleration in organic and overall SaaS growth trends, which the firm believes will require multiple quarters of strategic execution to drive a reacceleration. Craig-Hallum points to a slower Keap integration, disruption in the partner channel, and challenges in Business Center as the primary headwinds. Further, given the decelerating growth and rising media costs the firm believes margin expansion is likely to face similar headwinds in the near-term.