Docebo price target lowered to $36 from $37 at CIBC

CIBC lowered the firm’s price target on Docebo (DCBO) to $36 from $37 and keeps an Outperformer rating on the shares. The firm notes that software stocks under coverage were down an average of 8% in Q3, significantly underperforming the TSX amid concerns over AI disruptions and company-specific factors. Estimate revisions continued post Q2, with the Street lowering 2025 EBITDA estimates for the companies in our coverage by an average of 7%. CIBC expects another volatile earnings season with Q3 results and expects that earnings misses will see outsized market reactions.