Freshworks price target lowered to $19 from $23 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on Freshworks (FRSH) to $19 from $23 and keeps a Buy rating on the shares. The firm updated its model following Q3 results and said its improving growth profile outlined at its recent anlayst day should be driven by a combination of a favorable mix shift, with the faster growing IT/ EX making up a larger share of revenue, continued progress moving up-market and expanding capabilities, and ramping AI attach, which should contribute to growth on a consumption basis as usage scales.