Ord Minnett released an updated report and while they acknowledged new guidance represents revenue growth of 34-42% on pcp, up from 20-26%, they identify the markets, they reduced their valuation target to $3.45 to reflect "decreasing multiples for smaller software companies and higher risk-free rates."
In summary - the company is doing better, but the market is valuing these types of companies at lower multiples, reflecting higher interest rate expectations.
WSP Price at posting:
$2.14 Sentiment: Buy Disclosure: Held