Citi Reinstates CCC Intelligent Solutions Holdings Inc. (CCCS) at Neutral, 'we believe the shares are fairly valued at current levels'

Citi analyst Tyler Radke reinstates coverage on CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) with a Neutral rating and a price target of $13.00.

The analyst comments "We are resuming coverage of CCCS after a period of Rating Suspended with a Neutral rating and a target price of $13. CCCS has continued to show exceptional resiliency post its listing with a countercyclical end-market and good execution. Top-line growth has remained above 10% in FY23 with a healthy mix of cross-sell/upsell and new logo activity. With long-term growth expected to slow into HSDs and growth mainly from expansions, we believe the shares are fairly valued at current levels, especially trading at a premium to most vertical software stocks. We would look to get more constructive on a better entry point or signs of acceleration in emerging products potentially driving upside to our estimates. Our target price of $13 is based on a regression and implies a CY25E 8x EV/sales or 36x EV/FCF."

For an analyst ratings summary and ratings history on CCC Intelligent Solutions Holdings Inc. click here. For more ratings news on CCC Intelligent Solutions Holdings Inc. click here.

Shares of CCC Intelligent Solutions Holdings Inc. closed at $11.47 yesterday.

You May Also Be Interested In

• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• SoundThinking (SSTI) PT Lowered to $8 at Cantor Fitzgerald
• Wolverine World Wide (WWW) PT Raised to $31 at UBS on Growth, EPS Upside Potential