Goldman Sachs Is Bearish On Everbridge; Raymond James Cuts Price Target By Half

Analysts appear bearish on Everbridge Inc EVBG. Everbridge provides enterprise software applications that automate and accelerate organizations' operational response to critical events to keep people safe and businesses running.

• Raymond James analyst Brian Peterson lowered the price target to $80 from $180 and reiterated Outperform, implying a 19% upside.
• Peterson is not surprised that shares have come under pressure following the departure of former CEO David Meredith and a below-consensus outlook for 2022.
• Peterson thinks the move in the stock is likely overdone, though it may not have hit bottom.
• The recovery in shares could take time to play out.
• Related Content: Why Are Everbridge Shares Trading Lower Premarket?
• Wells Fargo Slashes Everbridge Price Target By 48%
• Goldman Sachs analyst Kash Rangan initiated coverage with a Sell and $55 price target, implying an 18% downside.
• Rangan launched coverage on the communication and collaboration segment with a positive sector view.
• The 2020 cloud total addressable market of $19 billion implies a cloud penetration at 7% in 2020, increasing to 29% in 2025.
• For Everbridge, Rangan sees the potential for near-term execution and disruption risk following the recently announced resignation of Meredith.
• Price Action: EVBG shares traded higher by 5.03% at $67.39 on the last check Friday.