DOMO (DOMO) PT Raised to $36 at Cowen Following 1Q Report

Cowen analyst Derrick Wood raised the price target on DOMO (NASDAQ: DOMO) to $36.00 (from $30.00) while maintaining a Outperform rating following the company's 1Q earnings report. DOMO reported 1Q billings of $46.5m, well above estimates of $39.6m and the highest beat (23% above) in its history.

Management's tone was bullish and commentary on May indicates a strong start to 2Q with improving renewal rates. DOMO expects FY21 revenues of $194-$200m, up from prior guide of $192-$198m, and well above Street of $187m.

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