Model N, Inc. (MODN) PT Raised to $40 at Oppenheimer

Oppenheimer analyst Koji Ikeda raised the price target on Model N, Inc. (NYSE: MODN) to $40.00 (from $35.00) while maintaining a Outperform rating.

The analyst commented, "We recently hosted meetings with Model N’s CEO Jason Blessing and CFO David Barter. Overall, we come away from the meetings more positive on the business and its ability to execute over the next 12–24 months. Topics of conversation included: 1) end-market demand environment; 2) go-to-market strategy; 3) model predictability; 4) the data opportunity; and 5) competitive landscape. Bottom line: Over the past ~2 years, management has done a good job, in our assessment, focusing the go-to-market strategy that has led to good execution and results. Moreover, visibility into the financial model will likely improve in the future, which should increase comfort that the business can deliver a ~20% SaaS revenue growth trajectory, which supports valuation and is an attractive investment trait."

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