Five9 price target lowered to $40 from $52 at Needham

Needham analyst Scott Berg lowered the firm’s price target on Five9 (FIVN) to $40 from $52 and keeps a Buy rating on the shares. The company reported good Q1 financial results that largely bucked a new short narrative stating the company’s recent small RiF was due to slowing deal trends, while its sales commentary was positive with the best install base sales growth rate in three years balanced by a couple large deals slipping into Q2, the analyst tells investors in a research note. The firm adds however that its reduced price target reflects changing sector valuations.