ServiceTitan price target lowered to $120 from $140 at Piper Sandler

Piper Sandler lowered the firm’s price target on ServiceTitan (TTAN) to $120 from $140 and keeps an Overweight rating on the shares following a transfer of coverage. The firm downgraded three names and cut price targets across the platforms and apps group, saying “seat-compression and vibe coding narratives could set a ceiling on multiples.” Piper is not making a call on the Q4 reports. Rather, the analyst has mixed views on the software space despite share declines in the past 12 months. The firm expects continued “pessimism” around software and recommends investors focus on the hyperscaler, consumption and vertical sub-sectors. Piper’s top picks are Microsoft and ServiceTitan.