Citi downgraded Similarweb (SMWB) to Neutral from Buy with a price target of $3, down from $8.50. The firm is “turning more selective” in the application software group with six downgrades. The rating changes reflects Citi’s view to underweight software, the analyst tells investors in a research note. The firm sees a lack of catalysts for the stocks over the next 12 months.
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