Jefferies Starts Apptio (APTI) at Buy
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Jefferies initiates coverage on recent IPO Apptio (NASDAQ: APTI) with a Buy rating and a price target of $29.00.
Analyst John DiFucci commented, "Initiating on APTI at Buy and $29 PT. We believe APTI’s unique data management platform, intuitive, SaaS-based application suite, and attractive value proposition to IT organizations positions it to successfully penetrate the logical Technology Business Management (TBM) market, where others have found it difficult to navigate in the past. The resulting future cash flow generation yields an intrinsic value well in excess of the current stock price."
Shares of Apptio closed at $20.52 yesterday.
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