Oppenheimer Reiterates Outperform Rating on BlackLine (BL) Following Analyst Day
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Oppenheimer analyst Koji Ikeda reiterated an Outperform rating and $160.00 price target on BlackLine (NASDAQ: BL) following the company's analyst day. BlackLine management provided more transparency and an update on the strategy, financials, differentiation, and technology roadmap. Management also reaffirmed its 2021 revenue guidance, which implies above average industry growth and share gains.
Ikeda sees BlackLine's business in a strong position to benefit from an increase in SaaS back-office spending in the enterprise market that is expected in 2021 from a cyclical recovery.
Shares of BlackLine closed at $110.13 yesterday.
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