What To Know About Piper Sandler's Downgrade of BlackLine
Portfolio Pulse from Benzinga Insights
Piper Sandler has downgraded BlackLine (NASDAQ:BL) to Underweight with a new price target of $60.00, up from the previous $53.00. Despite the increased target, the downgrade comes as BlackLine shares are trading down 2.79% at $60.70. A move to the target price would mean a 1.15% decline from the current level. BlackLine provides financial accounting close solutions as SaaS, primarily earning revenue in the United States.
January 02, 2024 | 5:00 pm
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Piper Sandler downgraded BlackLine to Underweight but raised the price target from $53.00 to $60.00. BlackLine's shares are currently trading down, close to the new target price.
The downgrade to Underweight by Piper Sandler suggests a bearish outlook on BlackLine's stock, which could lead to a negative investor sentiment and potential short-term price decline. Although the price target was raised, the current trading price is already close to this new target, indicating limited upside potential as per the analyst's view.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100