Fiverr International Ltd. (NYSE:FVRR) shares declined almost 10% on Friday, despite the company’s reported Q4 beat, raised guidance above the Street, while EBITDA outlook being below expectations.

According to the analysts at RBC Capital, the debate continues to lie around what long-term normalized growth rates and margins ought to look like, particularly in the context of investor perceptions of rising competitive intensity.

The analysts continue to believe the company has a long runway for growth in the underpenetrated freelancer TAM but with the stock trading at 6x EV/2023 revenue and normalized marketplace growth likely in the 20-25% range, investors are already generally fairly valuing the stock. The analysts lowered their price target on the company’s shares to $80 From $195, while reiterating their sector perform rating.