Analysts Continue To See Visible Upside In Smartsheet Following Q3 Beat

Analysts see sharp upside despite adjusting their price targets on Smartsheet Inc SMAR following Q3 beat, Q4, and FY22 outlook.

• BMO Capital analyst Keith Bachman lowered the price target to $88 from $90 (27% upside) but kept an Outperform. 
• The reduced price target reflects macro interest rate risk and a pullback in software valuations, but the company's billings guide of 37%-40% was "very strong" and materially above consensus estimates. 
• Bachman adds that he remains constructive on the shares longer-term as the stock has the most capable and complete platform while serving a total addressable market with meager penetration rates.
• Keybanc analyst Steve Enders maintained an Overweight and raised the price target from $94 to $100 (44% upside).
• Citi analyst Tyler Radke raised the price target to $80 from $72 and kept a Neutral. 
• The analyst says that despite an overall strong performance, he's uncertain about the efficiency of Smartsheet's growth and how much hiring has contributed to billings growth.
• Wells Fargo analyst Michael Turrin lowered the price target to $74 from $84 (8% upside) and kept an Equal Weight. 
• The analyst finds the print acknowledge "encouraging."
• Price Action: SMAR shares traded higher by 14.1% at $69.79 on the last check Friday.