Sprinklr: Flat Backlog And Low Expected Growth Are Major Red Flags (Rating Downgrade)

Sprinklr is downgraded to Sell as it faces severe growth and relevance challenges amid the AI revolution. CXM's large customer count is declining, backlog is stagnant, and subscription revenue growth is slowing, signaling customer defections. Despite a cheap 1.1x EV/FY27 revenue multiple, CXM guides for just 1% revenue growth and shrinking margins.