UPDATE: Baird Upgrades SPS Commerce (SPSC) to Outperform
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Baird analyst Joe Vruwink upgraded SPS Commerce (NASDAQ: SPSC) from Neutral to Outperform with a price target of $130.00.
The analyst comments "SPS Commerce delivered an acceleration in 2Q21 organic growth and addressed concerns on “steady-state” performance going forward by raising annual growth targets for revenue (15%+) and adjusted EBITDA (15-25%). Confidence in new targets comes as fulfillment automation plays a heightened role in omnichannel retail and as part of cloud-based digital supply chain investments. With this overhang removed, estimates likely to move meaningfully higher, and valuations already in an attractive spot, we see compelling investment case and raise our recommendation to Outperform."
Shares of SPS Commerce closed at $100.37 yesterday.
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