Canaccord Genuity Reiterates Buy Rating on ServiceTitan (TTAN)

Canaccord Genuity analyst David Hynes Jr. reiterated a Buy rating and $130.00 price target on ServiceTitan (NASDAQ: TTAN).

The analyst comments "ServiceTitan reported another strong quarter, which was attributed to both strength in usage revenue/GTV against a tough comp as well as faster growth from new customers. Tying this to the numbers, total revenue grew by 25%, platform revenue by 26%, and ServiceTitan delivered 12.1% non-GAAP operating margins, up more than 500 bps year-over-year. GTV in the quarter, which is a seasonally active period in the trades, came in at $22.9B, which was up 19% year-over-year. Total effective platform take rate on that GTV was 1.02%, which was up 6 bps year-over-year, slightly ahead of the typical annual increase we see, which suggests healthy Pro product attach momentum. Finally, CAC payback period improved again, which by our math was just under 20 months and at the best levels we’ve seen, and management noted that they expect to outperform the firm’s stated 25% incremental margin target this year, but will remain disciplined to that going forward."

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

Shares of ServiceTitan closed at $100.31 yesterday.

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