Ellie Mae (ELLI): Notes From the Road - Needham
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Needham & Company analyst, Mayank Tandon, reiterated his Buy rating on shares of Ellie Mae (NYSE: ELLI) after hosting company management on a non deal roadshow in Chicago.
The analyst has increased confidence that the company will continue to penetrate the large TAM, and robust multi-year revenue growth and margin expansion opportunities. ELLI continues to outperform expectations fueled by multiple growth drivers such as compliance resulting from changing regulations, automation of the loan origination process, and success in penetrating the enterprise market.
The “operating” assumptions are unchanged but the analyst cut EPS estimates to reflect the recent follow-on offering. No change to the price target of $125.
Shares of Ellie Mae closed at $96.63 yesterday.
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