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Anaplan Shares Plunge as Analysts Slash Price Targets Post Q3 Beat

Analysts lowered price targets on Anaplan Inc. despite Q3 beat and upbeat outlook. Goldman Sachs analyst Kash Rangan lowered the Price Target (PT) to $58 from $67 (11.4 percent upside) and kept a Neutral. Rangan sees continued billings volatility but believes Anaplan remains well-positioned to capitalize on a recovery in demand. However, with incremental competition in the market longer-term, he prefers to own Workday Inc. for exposure to increasing digitization within the office of the CFO. Morgan Stanley analyst Stan Zlotsky lowered the PT to $73 from $80 (40.2 percent upside) and kept an Overweight. Mizuho analyst Siti Panigrahi lowered the PT to $70 from $90 and kept a Buy. Wells Fargo analyst Michael Turrin lowered PT to $75 from $85 (44.1 percent upside) and kept an Overweight. KeyBanc analyst Josh Beck lowered PT to $60 from $80 (15.3 percent upside) and kept an Overweight. Wolfe Research analyst Alex Zukin lowered PT to $55 from $77 …

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