2024-06-18 21:22:45 ET
Summary
- Investment rating downgraded from buy to hold due to concerns about competitive landscape and demand environment.
- 1Q25 results showed revenue growth, but ARR growth decelerated, and Capella customer additions slowed significantly.
- Valuation adjusted downwards to $14 in the near term, with a new multiple expectation of 2.3x due to increased competitive pressure and tough macro environment.
Investment summary
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