Piper Jaffray Starts Cornerstone OnDemand (CSOD) at Overweight
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Piper Jaffray initiates coverage on Cornerstone OnDemand (NASDAQ: CSOD) with a Overweight rating and a price target of $53.00.
Analyst Alex Zukin commented, "We view Cornerstone as the only pure-play public Talent Management vendor with a profitable growth trajectory that is positioned to enjoy share gains as the company matures its organization and continues to succeed both in selling higher and broader than in years past. With a growth + margin profile that may approach the "Goldilocks Zone" of our Rule of 40 chart over the next few years we believe the current valuation offers investors a favorable risk/reward profile. With few strategic assets remaining in our coverage area trading at or below 5x CY17E revenues, we see a compelling valuation in an increasingly consolidating industry and initiate coverage with an Overweight and $53 price target."
Shares of Cornerstone OnDemand closed at $44.82 yesterday.
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