Needham & Company Remains Bullish on Pros Holdings (PRO) Following Investor Meetings
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Needham & Company reiterated a Buy rating and $22.00 price target on PROS Holdings (NYSE: PRO) after hosting investor meetings with management. The company highlighted the overall demand environment has never been stronger, indicating a significant uptick in inbound inquiries and RFPs over the last 12 plus months since it announced its Cloud transition.
Analyst Scott Berg commented, "We hosted investor meetings with Pros Chief Financial Officer Stefan Schultz and Chief Strategy Office Tim Girgenti last week and came away more confident that the company continues to manage through its Cloud transition better. While we believe Pros's 2H15 sales execution issues are typical of other cloud transitions we have covered, sales pipeline commentary remains higher Y/Y with new demand drivers including the emergence of large-scale B2B e-commerce. Commentary suggests visibility into improving fundamentals and improving financials with accelerating subscription revenue growth, margins, and cash flows remains high. We continue to believe now is the part of the platform transition where investors should accumulate shares as sales execution typically improves and revenues, margins, and cash flows trough."
Shares of PROS Holdings closed at $19.04 yesterday.
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