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Sprout Social assumed at Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald downgraded Sprout Social (SPT) to Neutral from Overweight with a price target of $24, down from $38, as the analyst launched coverage on 12 application software names and assumed coverage of Sprout. The company is already building broad capabilities to enable greater integration with networks and commerce capabilities, but to date, the Social Networks are “still in a holding pattern, trying to figure out their own strategies for how much to open platforms up to third-party platforms,” the analyst tells investors. Social Commerce remains the most significant area of growth potential, but remains an unknown in terms of timing and magnitude, the analyst added.

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