PLAN - Anaplan drops on Morgan Stanley downgrade says upside could be 'limited'

Anaplan (NYSE:PLAN) shares are down more than 3% to $45.97 in early Thursday trading as Morgan Stanley lowered its rating and cut its price target noting that "recent results could be indicative of more prolonged challenges." Analyst Stan Zlotsky cut the price target to $55, down from $73, noting that although Anaplan (PLAN) saw strong revenue growth in the third-quarter, billings and Current Remaining Performance Obligations, or CRPO bookings, "suggest more limited upside" as the company heads into fiscal 2023. Anaplan (PLAN) shares have declined nearly 32% year-to-date. As such, Zlotsky believes Anaplan (PLAN) could be range bound in the interim, noting that post third-quarter checks were mixed, as labor shortages are hurting resources and deals could be pushed out as a result. There is concern that the management of Anaplan (PLAN) can consistently deliver "beat and raise" quarters, which would hurt the stock's earnings multiple. There are also concerns that the move

For further details see:

Anaplan drops on Morgan Stanley downgrade, says upside could be 'limited'