Needham & Company Assumes ChannelAdvisor (ECOM) at Buy
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Needham & Company assumes coverage on ChannelAdvisor (NYSE: ECOM) with a Buy rating and a price target of $16.00.
Analyst Scott Berg commented, "We assume coverage of ChannelAdvisor with a Buy rating and a $16 price target. We believe ECOM is well positioned to benefit from long-term secular growth within ecommerce retail sales as retailers and brands seek new technology solutions to improve sales through any number of possible online channels. We believe this benefit will come through an industry-leading channel enablement platform that customers will seek not only to upgrade aging technology infrastructures that often cannot meet customer fulfillment needs of today’s omni-channel environment, but also to meet ecommerce growth expectations of 20% annually over the next four years. We believe ECOM is at the forefront of this evolution with expectations of FY17 growth acceleration, and we see the current 2.0x EV/FY17 revenues valuation as an attractive entry point."
Shares of ChannelAdvisor closed at $12.56 yesterday.
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