Fiverr International Ltd. (FVRR) PT Raised to 'Street High' $270 at Citi
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(Updated - January 12, 2021 8:02 AM EST)
Citi analyst Nicholas Jones raised the price target on Fiverr International Ltd. (NYSE: FVRR) to a 'Street High' $270.00 (from $185.00) while maintaining a Buy rating as they are bullish on the freelancer market. Jones said given the size of the TAM and its early stage of transitioning online, they believe the opportunity for both FVRR and UPWK is somewhat difficult to size. And while valuation seems stretched, the size of the opportunity and SaaS-like revenue retention, can unbounded in this market environment.
The analyst commented, "We are raising our estimates to reflect strong third-party data trends which indicate our LTM annual active buyers were too low. Though traffic growth is beginning to decelerate somewhat, volume levels remain elevated. Further, we find that engagement indicators (visits/UV and page views/visits) continue to improve (see figs 4-5), which we believe support the case for a slightly higher LTM annual spend per buyer. Accordingly, we raise our
estimates and increase our target price to $270."
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