FiscalNote price target lowered to $3 from $5 at Roth Capital

Roth Capital lowered the firm’s price target on FiscalNote (NOTE) to $3 from $5 and keeps a Buy rating on the shares. FiscalNote’s Q4 revenue came in slightly below expectations, though AEBITDA of $2.5M exceeded the $2M forecast, the analyst tells investors in a research note. A planned 25% headcount reduction aims to improve profitability, but with free cash flow not expected until 1Q27, thinning liquidity, weak 1Q26 guidance, and declining near-term forecasts, interim losses and the lack of catalysts remain key concerns, the firm says.