Earnings ForecastReducing fiscal 2025 EPS forecast: We are reducing our fiscal 2025 non-GAAP EPS forecast to $11.48 from $12.01.
Operating MarginGuidance for F2Q implies operating margin decelerating from 13.6% in F1Q to 13.4%.
ValuationThe 12-month price target has been reduced to $54 from $70 due to a reduction in fiscal 2025 revenue, adjusted EBITDA, and non-GAAP EPS forecasts, reflecting slowing growth.