Q2 Holdings price target lowered to $89 from $95 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Q2 Holdings (QTWO) to $89 from $95 and keeps an Equal Weight rating on the shares. The firm, which expects Q2’s Q1 subscription ARR growth to broadly match Q4 levels, lowered its FY26 EBITDA estimates by about 7% to better account for product investment, but continues to expect modest FY26 subscription revenue growth durability.