Stifel Upgrades Avalara (AVLR) to Buy

Stifel analyst Brad Reback upgraded Avalara (NYSE: AVLR) from Hold to Buy with a price target of $100.00 (from $52.00).

The analyst comments "We are upgrading shares of Avalara to Buy and raising our target price to $100 following another strong quarter highlighted by accelerating revenue, billings, and customer count growth, as well as net revenue retention improving to 111%. Moreover, given strong market demand, solid sales execution, and tailwinds tied to recent global regulatory changes and new initiatives, management once again materially raised FY19 guidance. Based on these dynamics, we believe Avalara can sustain a ~30% top-line growth profile and demonstrate improving profitability in the coming years."

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

Shares of Avalara closed at $80.48 yesterday.

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