Anaplan Shares Drop As Morgan Stanley Downgrades The Stock

Morgan Stanley analyst Stan Zlotsky downgraded Anaplan Inc PLAN from Overweight to Equal-Weight and lowered the price target from $73 to $55, implying a 24% upside.
Zlotsky conducted another round of channel checks after the company's Q3 earnings report, and the mixed checks suggest recent results "could be indicative of more prolonged challenges."
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Zlotsky thinks the upside in the stock could be limited given the ongoing challenges combined with investors' low confidence in the management.
Anaplan is a business-performance management company. It offers cloud-based business planning and performance management platform based on a single hub where business users can create and use models. Anaplan provides finance, sales, supply chain, HR & workforce, and marketing solutions. The company also offers professional services.
Price Action: PLAN shares traded lower by 6.86% at $44.25 on the last check Thursday.