Freshworks price target lowered to $20 from $25 at Piper Sandler

Piper Sandler lowered the firm’s price target on Freshworks (FRSH) to $20 from $25 on lower estimates, factoring in out-year guidance, while keeping an Overweight rating on the shares. The firm notes the company executed on its vision to drive an efficient and durable growth model, posting Q3 revenue growth of 15% year-over-year coupled with a 27% free cash flow margin, exceeding Rule of 40 status for the fifth consecutive quarter.