Coupa Software Incorporated (NASDAQ:COUP) shares plunged more than 19% Tuesday afternoon following the company’s reported worse-than-expected outlook for 2023, while Q4 results came in better than expected. EPS was $0.19, compared to the consensus estimate of $0.05, and revenue was $193.3 million, compared to the consensus estimate of $185.68 million.

Analysts at Oppenheimer provided their views on the company following the earnings report. While the analysts think there is a lot to like with the company, they mentioned that the story and business have many moving parts and more exposure to Europe than other Smid-Cap SaaS names, and this is leading to significant organic growth deceleration and margin contraction as reminded with the 2023 guidance.

The analysts caution investors on getting involved in bottom fishing the company’s shares in the hopes for outsized returns because the bull case or return to 30% growth anytime soon now looks off the table, they see risk to management's medium-term mid-twenty's organic growth guidance, and few near-term catalysts.