Piper Jaffray Assumes NetSuite (N) at Neutral

Piper Jaffray assumes coverage on NetSuite (NYSE: N) with a Neutral rating and a price target of $65.00 (from $40.00).

Analyst Alex Zukin commented, "We assume coverage of NetSuite and upgrade the shares from Underweight to Neutral while establishing our price target of $65 ($40 prior). We see shares as being fairly valued and trading in line with peers. With increased competition (largely from Oracle) and no clear mechanism that would allow for accelerating bookings growth or significant margin expansion, we don't see clear catalysts for valuation expansion. At the same time, we see the risk/reward fairly balanced at current levels and do not believe meaningful downside exists in the current environment."

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

Shares of NetSuite closed at $68.49 yesterday.

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