Competitive ChallengesA rapidly-evolving competitive backdrop and the need for 'show-me' evidence of agentic AI mindshare gains challenge the re-rating case.
Revenue GuidanceAn inline cRPO guide and deferred FY27E revenue outlook likely stymie shares and sentiment, delaying the bull case.
Upsell ChallengesDespite a broadened product suite, the net revenue retention rate remains stuck, indicating challenges in product upsell and cross-sell.