Cornerstone OnDemand (CSOD) Company Visit Show Multiple Expansion Possible - Needham
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Needham & Company analyst, Scott Berg, reiterated his Strong Buy on shares of Cornerstone OnDemand (NASDAQ: CSOD) after a company visit where he met with the CEO and CFO. The analyst believes the company can attain its 2018 profitability goals without sacrificing the strong sales momentum.
If the company can sustain its sales momentum, as industry checks continue to indicate it should, the analyst believes CSOD should grow revenue at 25%+, while driving 1500 bps of operating leverage, which should offer incremental multiple expansion. The additional revenue should come from partner leverage, expanded Recruiting adoption, and accelerating demand for its new analytics suite.
No change to the price target of $52.
Shares of Cornerstone OnDemand closed at $44.16 yesterday.
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