E2open price target lowered to $3.50 from $4 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on E2open to $3.50 from $4 and keeps a Neutral rating on the shares. The company’s Q2 revenue missed on the back of lower-than-expected professional services revenue which was impacted by elevated deal scrutiny and unbilled customer success activities, the analyst tells investors in a research note. Implied professional services guidance of $83.0M also represents a y/y decline of about 18%, and the lowest professional services revenue since FY21 as well as a third consecutive year in which the implied professional services guide has been lowered during the year vs. original implied guidance, the firm added.