Similarweb price target lowered to $10 from $12 at Oppenheimer

Oppenheimer analyst Ken Wong lowered the firm’s price target on Similarweb (SMWB) to $10 from $12 and keeps an Outperform rating on the shares. The firm says that during its meeting with VP of IR Rami Myerson, Oppenheimer was reminded of elongated sales cycles and LLM deal volatility which was the source of the wider Q4 range. The firm expects the dynamic to extend into FY26. Management expects 200bps-300bps of EBIT margin expansion in FY26 as internal sales re-enablement improves execution and retention, while R&D/G&A lines hold relatively stable. Overall headcount should remain about static.