Slack Slackens; Wedbush Initiates Stock at Underperform Due to Microsoft Rivalry [TheStreet.com]
Slack Technologies, Inc. (WORK)
Last slack technologies, inc. earnings: 3/12 04:15 pm
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Source: TheStreet.com
Slack Slackens; Wedbush Initiates Stock at Underperform Due to Microsoft Rivalry Slack Technologies ( WORK MSFT Get Report Wedbush analyst Daniel Ives initiated Slack, which went public That's a 31% drop from its current price and less than half the FactSet consensus price target of $31.25. The stock has traded as high as $42, triple Wedbush's target. "The Slack solution is impressive and represents a strong growth opportunity," Ives said in a research note. "[However,] we believe penetrating this next phase of enterprises will be incrementally more difficult as the MicrosoftTeams value proposition presents a major competitive hurdle going forward." Specifically, Ives points to corporate-sales cycles and revisits of add-ons that companies will sign up for to provide their workforces, including a more integrated Microsoft Teams product. "To this point, our checks in the field indicate Slack will have significant difficulty further penetrating the enterprise," he said. Microsoft's Teams
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