Q2 Holdings, Inc. Announces Third Quarter 2022 Financial Results
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Q2 Holdings (QTWO) downgraded as macro pressures weigh on the stock
November 8, 2022 11:25 AM ESTQ2 Holdings (NYSE: QTWO) missed third-quarter expectations and lowered full-year targets when it reported earnings after the close on Monday.
The earnings release resulted in Q2 shares tumbling Tuesday, opening up the session at around the $21.13 mark. They are currently at $23.80, down almost 10% on the day.
Following the release, Piper Sandler downgraded Q2 to underweight, cutting its price target on the stock to $22 from $45 per share. Analyst Arvind Ramnani told investors that some of Q2's larger financial clients slowed discretionary spending given persistent macro headwinds.
"Specifically, 'several key customers'... More
