BlackLine (BL) PT Raised to $78 at Piper Sandler After Management Call Hints at Demand Resurgence

Piper Sandler analyst Brent Bracelin raised the price target on BlackLine (NASDAQ: BL) to $78.00 (from $69.00) after hosting a call with the CEO and CFO indicating that the top of funnel sales opportunities improved in May.

The analyst maintained an Overweight rating, stating "This uptick coupled with the fact that just 1% penetration of SAP's installed base could more than double BL's entire customer count increases our confidence in a potential 2021 recovery. We are raising our PT to $78 from $69 applying a target CY24E EV/FCF of 30x, discounted back by 12%".

You May Also Be Interested In

• BlackLine Expands into Europe’s Trusted Cloud Market with S3NS
• Boliden AB (BOL:SS) (BDNNF) PT Raised to SEK553 at Kepler Cheuvreux
• Hilton Grand Vacations (HGV) PT Lowered to $35 at Goldman Sachs