0005 GMT - The sharp sell-off in Life360 shares following the tracking app provider's 3Q result might reflect disappointment that the company didn't lift its full-year advertising revenue guidance, Ord Minnett analyst Lindsay Bettiol says. He tells clients in a note that he is aware of disquiet among investors over Life360's lack of disclosure and detail on its advertising initiative. Some may have been looking for an improvement on the company's US$5 million-US$10 million guidance for 2024, he says. Bettiol adds that subscription revenue growth remains strong, just not strong enough to hold onto all the stock's 60% gains over the previous three months. Ord Minnett keeps a buy rating on the stock and lifts its target price by 20% to A$23.14. Shares are up 1.8% at A$22.79. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 13, 2024 19:05 ET (00:05 GMT)
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