Cantor Fitzgerald last night downgraded SPS Commerce (SPSC) to Neutral from Overweight with a price target of $80, down from $135, post the Q3 report. The company reported “mixed-to-negative” results with recurring revenue missing consensus on “myriad headwinds,” the analyst tells investors in a research note. The firm says SPS issued weaker Q4 guidance while its initial 2026 growth outlook also missed Street expectations. Cantor’s new estimates drives the downgrade.
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