Appen Cut to Sell as Facebook, Google Flag Spending Cuts -- Market Talk

Dow Jones2022-08-19

0459 GMT - Appen's two largest customers have flagged slowing investment amid macro headwinds, prompting Citi analyst Siraj Ahmed to downgrade the stock to sell from neutral. Ahmed tells clients in a note that Appen is doing the right thing by investing in efforts to reduce its reliance on major U.S. tech firms, but that its challenge is to do so against the backdrop of a challenged core business and possible market-share decline. Mr. Ahmed points out that Facebook and Google are both slowing headcount growth and investment, so risks to data-annotation firm Appen are skewed to the downside. Citi cuts its target price by 33% to A$4.40. Shares are down 1.1% at A$4.42. (stuart.condie@wsj.com; @StuartLCondie)

$(END)$ Dow Jones Newswires

August 19, 2022 00:59 ET (04:59 GMT)

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