Truist lowered the firm’s price target on Five9 (FIVN) to $40 from $65 and keeps a Buy rating on the shares. The company’s Q2 results reflect a better set of fundamentals vs. the stock’s current valuation of 1.7-times enterprise value to expected forward sales, the analyst tells investors in a research note. Truist adds that its price target cut also reflects a sluggish software valuation backdrop.
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