Barclays analyst Tavy Rosner downgraded Sapiens International to Underweight from Equal Weight with an unchanged price target of $24. The company’s Q1 results and updated fiscal 2023 guidance were broadly in line, but looking ahead there is limited scope for further sales and margin expansion given the challenging macro environment and wage inflation, the analyst tells investors in a research note. With no near-term catalyst in sight, the firm sees limited share upside potential from here.