SPS Commerce downgraded to Hold from Buy at Stifel

Stifel downgraded SPS Commerce (SPSC) to Hold from Buy with a price target of $80, down from $150. The firm says macro headwinds and spend “scrutiny” in the retail ecosystem bring uncertainty around the company’s sales performance. SPS’s Q3 revenue, Q4 outlook, and initial guidance for 2026 came in below consensus, with management pointing to delayed relationship management campaigns with retailers, continued supplier challenges and spend scrutiny, and unforeseen seasonality in the newer revenue recovery space, the analyst tells investors in a research note.