UPDATE: Stifel Starts Gridsum Holding (GSUM) at Buy
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(Updated - October 18, 2016 9:01 AM EDT)
Stifel initiated coverage on Gridsum Holding (NASDAQ: GSUM) with a Buy rating and a price target of $21. Analyst George I. Askew thinks the company is uniquely positioned to benefit from the Chinese government’s "Made in China'"initiative over the next decade.
"As a leading data analytics software provider in China, Gridsum is pioneering domestic big data analytics and a functional SaaS model with proprietary real-time technologies. Gridsum has the scale, management and vision to sustain domestic leadership," said Askew.
"We project 2017 revenue of RMB595 million (US$89.2 million), 50%-60% y/y revenue growth. Long-term adjusted EBITDA margin targets exceed 25%," added the analyst.
Shares of Gridsum Holding closed at $16.42 yesterday.
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