Needham & Company Starts BTRS Holdings Inc. (BTRS) at Buy
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Needham & Company analyst Mayank Tandon initiates coverage on BTRS Holdings Inc. (NASDAQ: BTRS) with a Buy rating and a price target of $20.00.
The analyst comments "BTRS was established through the merger of Billtrust and South Mountain Merger Corp. and operates as a leading B2B payments provider focusing on the AR side of payments. BTRS' offerings are comprehensive with specialized solutions for invoicing, payment acceptance, collections, and e-commerce for enterprise and middle market organizations. With ~50% of the $120 trillion in global commercial payments being processed by paper checks, we believe there is a long runway for growth that BTRS is well positioned to capitalize on. Our $20 price target is based on an EV/net revenue multiple of 21.5x our FY22 estimate and implies ~30% upside."
Shares of BTRS Holdings Inc. closed at $15.48 yesterday.
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