$Slack Technologies(WORK)$ Baird (Outperform) cuts its Slack (NYSE:WORK) target from $37 to $31, citing SaaS multiple contraction. The firm notes that WORK didn't raise the FY revenue guidance in yesterday's earnings report as much as some expected, but says this could be conservatism.Baird says Slack delivered strong Q3 results "powered by stronger-than-forecast revenue, billings, and enterprise customer growth" and praises the "solid improvements "in profitability and cash flow guidance."Wedbush (Underperform, $14 target) says the revenue growth and slight billings beat "speaks to an impressive growth trajectory for the company on the heels of a feverish installed base."Analyst Dan Ives still sees room for WORK shares to drop "given the valuation and growth profile with the Microsoft overhang a looming issue for investors."