SPS Commerce (SPSC) PT Raised to $82 at Needham & Company

Needham & Company raised its price target on SPS Commerce (NASDAQ: SPSC) to $82.00 (from $72.00) while maintaining a Buy rating.

Analyst Scott Berg commented, "SPS Commerce reported what we believe to be its best quarter of revenue out-performance in its public history. While the revenue beat may get the headlines, we believe the significant Y/Y profitability improvements are an even better reason to buy the stock after the strong print. We continue to expect the company's sales environment will remain more challenging than historical trends in the short-term but the 2Q EBITDA margin suggests the company is well in line to meet or exceed its intermediate 2020 EBITDA goals in the low 20% range. Customer additions were ahead of our expectations due higher enablement activities, which suggest a 10% plus annual revenue growth rate remains a realistic intermediate term goal."

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