Goldman Sachs Downgrades NetSuite (N) to Neutral; Removed from CL List

Goldman Sachs downgraded NetSuite (NYSE: N) from Buy to Neutral with a price target of $75.00 (from $71.00). The firm also removed the stock from its Conviction Buy List.

The firm said while the story is intact, valuation is fair at current levels.

"Although we are downgrading shares of NetSuite to Neutral, we continue to believe that the company is in one of the best competitive positions to address the SaaS ERP mid-market over the next several years. We see the TAM of the SaaS ERP market to be north of $30 bn annually over time and that acceptance for the SaaS model is accelerating close to a tipping point within the mid-market."

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

Shares of NetSuite closed at $67.72 yesterday.

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