- Barclays analyst Saket Kalia downgraded MeridianLink MLNK from Equal-Weight to Underweight and lowered the price target from $17 to $14.
- The analyst cites the deteriorating mortgage backdrop for the downgrade.
- Around 20% of MeridianLink's business comes from mortgages, and expectations for this market continue to decline.
- Also Read: Equifax Expands Partnership With MeridianLink To Enhance Digital Lending Solutions
- Kalia previewed 17 on-cycle reporting names in security, design, and vertical SaaS.
- The analyst thinks CyberArk Software Ltd CYBR, Gen Digital Inc GEN, and Varonis Systems, Inc VRNS scored with favorable setups in security, while PTC Inc PTC have promising setup in applications.
- Kalia was below the Street on Tyler Technologies, Inc TYL on this SaaS transition and below on Check Point Software Technologies Ltd CHKP billings on tough comps.
- Price Action: MLNK shares traded lower by 4.60% at $14.31 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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