02:54 PM EDT, 05/10/2024 (MT Newswires) -- Docebo ( DCBO ) reported what were actually strong FQ1 results; but the results were not the issue - it was guidance, writes National Bank's Richard Tse.

"For DCBO, when we pair the FQ1 results against guidance, including an assessment of the pipeline, we see a company that's shifting towards larger enterprise with accompanying disruptions that come along with that, particularly as its original base was largely SMB," Tse adds.

Maintain Outperform, target cut to US$55 (from US$65).

Doebo is down 21% to $50.05 on the Toronto Stock Exchange.

Price: 50.05, Change: -13.42, Percent Change: -21.14