Bottomline Technologies (EPAY) PT Raised to $45 at Needham & Company

Needham & Company raised its price target on Bottomline Technologies (NASDAQ: EPAY) to $45.00 (from $38.00) while maintaining a Buy rating.

Analyst ​Mayank Tandon commented, "EPAY reported strong 2Q results, beating on revenue, adjusted EBITDA, and core EPS, highlighted by solid growth in subscription and transaction revenue and margin expansion. Management raised guidance for FY18 and reiterated their confidence in achieving the stated FY19 financial targets of $300 million in S&T revenue and $100 million in adjusted EBITDA. We believe EPAY's competitive strengths on the corporate banking side position it well to execute on revenue growth and margin expansion objectives over the MT to LT. We are raising our FY18 estimates to the high-end of guidance, but see further potential for estimates to move higher based on the robust bookings trends. We are reiterating our BUY rating and raising our target to $45."

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