Five9 falls as Piper Sandler downgrades to 'neutral'

Shares of call-center software firm FIVN.O fall 1.22% to $18.58 in premarket trading

Piper Sandler downgrades stock to "neutral" from "overweight" rating

Brokerage highlights concerns about AI disrupting traditional seat-based pricing models and will weigh on the business

CCaaS (contact center as a service) conversions are still happening but taking longer - brokerage

Piper Sandler cuts target price to $21 from $26, representing an 11% upside to the stock's last close of $18.81

"A new CEO has taken over, but the best path medium-term would be likely to go private at this stage" - Piper Sandler

Last year in December co appointed Amit Mathradas as new CEO

16 of 22 brokerages rate the stock "buy" or higher, six "hold"; their median PT is $35 - data compiled by LSEG

Up to previous close, stock down ~54% over the past 1 year