WM Technology downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Thomas Champion downgraded WM Technology to Neutral from Overweight with a price target of $4, down from $8. The company’s Q2 results missed expectations but were overshadowed by second half of 2022 guidance meaningfully below estimates, Champion tells investors in a research note. The analyst says a combination of inflationary, regulatory and operating challenges “have upset a significant portion of Cannabis retail spend,” which is particularly pronounced in California.

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