Morgan Stanley lowered the firm’s price target on Five9 (FIVN) to $26 from $30 and keeps an Equal Weight rating on the shares. Application SaaS names underperformed both the broader software group and the technology sector in 2025, but evidence is building that AI-related risks may prove less severe than initially feared, supporting a more constructive outlook for application SaaS in 2026, the analyst tells investors in a look-ahead note for the group. However, a continued lack of broad-based positive spending revisions keeps the firm “selectively opportunistic,” the analyst added.
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