Similarweb downgraded to Market Perform from Outperform at Northland

Northland analyst Luke Horton downgraded Similarweb (SMWB) to Market Perform from Outperform with a price target of $5, down from $14. A Q4 revenue miss was largely attributable to timing of two large LLM data training contracts that did not close, but remain in the pipeline, notes the analyst. Management also cited some “broader market weakness” and “execution shortfalls,” which led to the softer than expected FY26 guidance, the analyst added.