Needham & Company Starts XACTLY Corp (XTLY) at Buy

Needham & Company initiates coverage on XACTLY Corp (NYSE: XTLY) with a Buy rating and a price target of $13.00.

Analyst Michael Huang commented, "We’re initiating with a Buy rating and a $13 price target as we believe Xactly is a premier SaaS secular growth story benefiting from a multi billion dollar TAM and several compelling trends that we expect to continue for the foreseeable future. While some skeptics might not yet appreciate the magnitude of the incentive compensation management opportunity and have been less than impressed by recent growth (which is at trough levels), we expect that accelerating revenue (and bookings) growth rates through next year on the backs of ramping FQBR’s and product cycles could inspire increased confidence around the direction of trends and drive multiple expansion."

For an analyst ratings summary and ratings history on XACTLY Corp click here. For more ratings news on XACTLY Corp click here.

Shares of XACTLY Corp closed at $8.23 yesterday.

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