PagerDuty price target lowered to $19 from $21 at Canaccord

Canaccord lowered the firm’s price target on PagerDuty (PD) to $19 from $21 and keeps a Buy rating on the shares. The firm said PagerDuty’s mixed results, including revenue slightly below the midpoint of guidance underscore the firm’s ongoing GTM realignment amidst broad-based seat-based headwinds primarily in the SMB and more recently in the enterprise. To that end, the announcement that Todd McNabb will step in as CRO should be well received by investors.