- KeyBanc analyst Thomas Blakey reiterated an Overweight rating on the shares of Five9, Inc. FIVN, lowering the price target to $81 from $94.
- In the company's recently-reported first quarter of FY23 results, LTM DBRR was 114%, down 1 pt sequentially due to lower seat adds related to macro headwinds, the analyst noted.
- Going ahead, LTM DBRR may continue to decline in the near term, barring macro improvement.
- The analyst remained particularly cautious about Five9's installed base, which continued to face headwinds to growth.
- Regarding the outlook for 2H, macro continues to impact installed base expansions, the analyst cautioned.
- Blakey noted that the Financial Services vertical, Five9's second largest vertical remained flat sequentially.
- Price Action: FIVN shares traded lower by 0.96% at $55.96 on the last check Friday.
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