UPDATE: JMP Securities Starts EverCommerce Inc (EVCM) at Market Outperform

JMP Securities analyst Patrick Walravens initiates coverage on EverCommerce Inc (NASDAQ: EVCM) with a Market Outperform rating and a price target of $22.00.

The analyst comments "We see EverCommerce as an attractive opportunity for long-term capital appreciation for several reasons, including: 1) EverCommerce is pursuing a large total addressable market that it estimates to be $1.3T globally, with a $520B market in North America, including a substantial cross-sell opportunity with its payments product, PaySimple; 2) EverCommerce's end-to-end suite of software solutions meets the unique needs of service SMBs, and provides a compelling value proposition relative to the solutions currently available in this segment of the market, with 88% of the customers we spoke to citing their odds of switching to another vendor as low; 3) the service SMB market remains highly fragmented, with only ~9% of SMBs currently penetrated with end-to-end software solutions, and we think EverCommerce is poised to benefit from the accelerating digitization of service SMBs; 4) EverCommerce has successfully completed 49 acquisitions since its founding in October 2016 and has well-established M&A and integration motions that allow the company to quickly capture market share; and 5) EverCommerce boasted an LTV/CAC of ~10x in 2020, driven by strong retention metrics and a go-to-market motion that is 85% self-serve."

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

Shares of EverCommerce Inc closed at $17.45 yesterday.

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