Kinaxis downgraded to Neutral from Outperformer at CIBC

CIBC downgraded Kinaxis to Neutral from Outperformer with a price target of C$154, down from C$180, in an industry note on the Information technology sector. The firm noted that Kinaxis maintained annual subscription growth guidance of 17%-19%, but is seeing sales delays mainly from large enterprises, and is seeing smaller size deals and ramp deals. CIBC added that Kinaxis is trading at a premium to its peers at 4.8x forward sales and 5.7x 2024 sales.