WalkMe price target lowered to $10 from $11 at Citi

Citi lowered the firm’s price target on WalkMe to $10 from $11 and keeps a Neutral rating on the shares. The company delivered solid Q1 results with subscription revenue hitting the high end of guidance, a robust 5% beat on operating margin, and record-high free cash flow, the analyst tells investors in a research note. The firm adds however that while it is encouraged by solid execution during the quarter and the management’s commitment to doubling Net New Annual Recurring Revenue, or NNARR, in FY24, it also “reminds investors” that NNARR is well off the FY19-FY22 range of $33M-$55M, potentially indicating lower prioritization of the DAP category.