Canaccord Genuity Maintains a 'Hold' on NetSuite (N); Another Excellent Quarter; We'll Wait and Hope for Temporary Break

Canaccord Genuity maintains a 'Hold' on NetSuite (NYSE: N), raises price target to $32.

Canaccord analyst, Richard Davis, said, "NetSuite delivered an outstanding quarter with bookings jumping 30% as the firm signed the largest deal in company history. Since we’ve completely missed the stock’s run with our HOLD rating, we’ve decided to run the same playbook as we did with Salesforce (NYSE: CRM)(BUY) and Success Factors (Nasdaq: SFSF)(BUY), which is to wait on the sidelines until something spooks investors and the stock comes in. It is possible that N’s stock price will never break. But then again, CRM rolled over this spring and SFSF dropped this summer. We upgraded both stocks. So, for now we will continue with a HOLD rating on this well-run, well-positioned, nicely executing company."

For more ratings news on NetSuite click here and for the rating history of NetSuite click here.

Shares of NetSuite closed at $35.90 yesterday.

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