Enfusion Stock To Remain Range-Bound In 2024 Amid Stable Hedge Fund Market: Goldman Sachs Analyst Downgrades Stock
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs analyst Gabriela Borges downgraded Enfusion Inc (NYSE:ENFN) from Neutral to Sell, lowering the price target from $9 to $8. Despite underperforming the NASDAQ by 54% over the last 12 months, Borges expects ENFN to remain range-bound in 2024 due to a stable hedge fund market. She is conservative in her revenue growth estimates and notes that Enfusion's growth will need to come from company-specific improvements. Borges also highlights the challenges in converting existing funds and expects Customer Acquisition Cost (CAC) to remain high. Fiscal 2023 revenue and EPS projections were slightly adjusted.
February 28, 2024 | 8:11 pm
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Goldman Sachs downgraded Enfusion Inc from Neutral to Sell, lowering the price target from $9 to $8, citing a stable hedge fund market and the need for company-specific improvements.
The downgrade by Goldman Sachs, a major financial institution, along with a lowered price target, is likely to negatively impact investor sentiment towards ENFN in the short term. The analyst's conservative revenue growth estimates and the expectation of high Customer Acquisition Costs further support a bearish outlook for the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100