Similarweb price target raised to $22 from $14 at Citi

Citi raised the firm’s price target on Similarweb (SMWB) to $22 from $14 and keeps a Buy rating on the shares as part of a December quarter preview for the front-office application software group. Checks for the front-office companies were “cautiously optimistic” this quarter, indicating an uptick in the IT budget outlook and enterprise momentum, the analyst tells investors in a research note. Citi senses a little more optimism for front-office software budgets in 2025 compared to the start of 2024, with improving sentiment among ecosystem partners the post-U.S. elections and anecdotes of increasing customer engagement.