UPDATE: Canaccord Genuity Assumes, Upgrades Q2 Holdings (QTWO) to Buy

(Updated - September 12, 2019 6:34 AM EDT)

(updated to add analyst comment)

Canaccord Genuity analyst Joseph Vafi upgraded Q2 Holdings (NYSE: QTWO) from Hold to Buy with a price target of $97.00 (from $70.00) in assumed coverage.

The analyst comments "While mindful of valuation, we believe the QTWO story just gains further traction. Stellar second quarter Tier 1 bank signings were driven by accelerating cross-selling wins. TAM continues to expand materially. In addition to more products for the bank market, QTWO is moving into adjacent markets, providing FinTech functionality to non-bank enterprises. With a long lead time to new logo implementation, QTWO enjoys better-than-average visibility into forward revenue. A pickup in middle market bank M&A remains the biggest risk, in our view."

For an analyst ratings summary and ratings history on Q2 Holdings click here. For more ratings news on Q2 Holdings click here.

Shares of Q2 Holdings closed at $81.57 yesterday.

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