Alteryx (AYX) PT Raised to $120 at Needham & Company

Needham & Company analyst Jack Andrews raised the price target on Alteryx (NYSE: AYX) to $120.00 (from $108.00) while maintaining a Buy rating.

The analyst comments "Yesterday, we attended part of AYX's annual customer conference, which included a short investor briefing and a customer panel. Approximately 4,500 people were in attendance, which represents a ~50% increase YoY. AYX introduced 3 new types of functionality that aim to narrow the gap between analytic demands and the shortage of citizen data scientists. Additionally, AYX provided an updated long-term operating model that calls for a strong leverage profile within 4 to 6 years. Customer conversations were extraordinarily positive on AYX and we relay numerous anecdotes on page 2. We reiterate our BUY rating and raise our PT to $120 as we have updated our longer-term financial model to align with AYX's targets."

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