JMP Securities Starts Qualtrics (XM) at Market Outperform
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JMP Securities analyst Patrick Walravens initiates coverage on Qualtrics (NASDAQ: XM) with a Market Outperform rating and a price target of $55.00.
The analyst comments "We view Qualtrics as an excellent opportunity for long-term durable growth and capital appreciation for several reasons, including: 1) it addresses a large market estimated to be ~$60B, which has grown from ~$44B in 2018; 2) the company's leadership position in the experience management software market with a best-in-class product offering; 3) it has an attractive financial profile as revenues grew 39% and 49% in 2018 and 2019, respectively, and we expect it to grow 29% in 2020; 4) the company's relationship with SAP, which provides a strong entry point into SAP's large customer base; 5) Qualtrics has a large customer base with 12,751 customers as of 3Q20, of which 1,206 generate more than $100K in ARR, and 64 produce more than $1M in ARR; and 6) of the seven customers that we spoke with, 71% indicated that spend with Qualtrics would trend up over the next 12 months."
Shares of Qualtrics closed at $45.60 yesterday.
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