ZipRecruiter price target lowered to $8 from $11.50 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan lowered the firm’s price target on ZipRecruiter to $8 from $11.50 and keeps a Neutral rating on the shares after its Q2 results. The company’s operating results were above expectations, but the management guided Q3 below consensus as ZipRecruiter started to see softening trends among SMBs starting in June and persisting through July, the analyst tells investors in a research note. Investor debates around the business will remain rooted in the headwinds and volatility created by the broader macroeconomic backdrop for labor over the near term, though as the demand environment improves, the focus should shift to how operational leverage might scale in a better revenue environment, the firm added.