$Phunware, Inc.(PHUN)$ Given the firm's internal growth initiatives, I anticipate that Phunware will face margin compression towards the end of eFY24 and throughout eFY25. This is due to its efforts to strengthen go-to-market strategy, coupled with the increased R&D expenses. Based on this analysis, I assign PHUN shares a STRONG SELL rating with a price target of $3.01 per share, representing a 5.71x multiple of eFY25 price-to-sales.

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