Citi Downgrades Similarweb to Neutral, Sees No Catalysts Next 12 Months
Citi downgraded Similarweb from Buy to Neutral, citing a lack of catalysts over the next 12 months in the application software sector. The move aligns with Citi’s broader re-rating of Veeva, NICE, Autodesk, and CCC Intelligent Solutions as it turns more selective across software names.
1. Details of Downgrade
Citi cut Similarweb’s rating from Buy to Neutral, highlighting an absence of near-term catalysts in its digital analytics offerings. No new price target was released for Similarweb in this update.
2. Sector-Wide Selectivity
This downgrade is part of Citi’s broader re-rating of application software stocks, with Veeva, NICE, Autodesk, and CCC Intelligent Solutions also moved to Neutral. The firm is adopting a more cautious stance as it evaluates incremental growth drivers across the software sector.