Weave downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Weave (WEAV) to Outperform from Strong Buy with a price target of $10, down from $12. The firm’s longer-term thesis remains largely unchanged but the rating change reflecting timing of expected catalysts and the more difficult environment in SMB software, the analyst tells investors in a research note. Durability of Weave’s growth profile is not currently reflected in shares, but a full re-rating isn’t likely until the organic re-acceleration becomes more visible or the company shows a more consistent glide path toward long term profitability, Raymond James argues.