Needham & Company Reiterates Buy on Ellie Mae (ELLI) Following Investor Day

Needham & Company reiterates a Buy rating and $75.00 price target on Ellie Mae (NYSE: ELLI) following investor meetings. Analyst Mayank Tandon believes the market is large and underpenetrated, and ELLI is positioned to capture the strong demand from mortgage lenders to automate and streamline the mortgage loan origination process to reduce costs.

Tandon commented, "We hosted ELLI for investor meetings in the Mid-Atlantic and came away confident that multiple growth drivers, including ELLI's push into the enterprise market, changing regulations, improving mortgage volumes, and synergies from the AllRegs acquisition, position ELLI to deliver robust growth over FY15 and FY16. We believe ELLI's strong top-line growth prospects with potential for upside surprises in an environment with improving mortgage volumes should enable ELLI to support a valuation consistent with other high-growth recurring revenue FinTech and vertical-based SaaS peers. We are reiterating our BUY rating and $75 target."

For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.

Shares of Ellie Mae closed at $69.80 yesterday.

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