Canaccord Genuity Upgrades Five9, Inc (FIVN) to Buy

Canaccord Genuity analyst David Hynes Jr. upgraded Five9, Inc (NASDAQ: FIVN) from Hold to Buy with a price target of $200.00 after the company terminated its merger with Zoom.

The analyst commented, "As for the stock on a standalone basis, we continue to believe Five9’s fundamentals remain strong, with digital transformation tailwinds, continued product innovation, large customer momentum, channel and international expansion, partnership traction, strong direct sales execution, and a still underpenetrated TAM all contributing to sustainable 30%+ revenue growth going forward. Based on the revenue projections released in Five9’s August 26 proxy statement, which calls for $833M in CY2022 revenue along with 37% y-o-y growth, we believe FIVN is deserving of a mid-to-high teens revenue multiple, which corresponds with our unchanged price target of $200."

For an analyst ratings summary and ratings history on Five9, Inc click here. For more ratings news on Five9, Inc click here.

Shares of Five9, Inc closed at $159.74 yesterday.

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