UPDATE: Coupa Software (COUP) PT Lowered to $337 at Morgan Stanley After Management Meeting
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Morgan Stanley analyst Stan Zlotsky lowered the price target on Coupa Software (NASDAQ: COUP) to $337.00 (from $345.00) after meeting with management and learning about the opportunities for the company in the mid-market, via Coupa Pay, and Llamasoft. However, after reviewing billings estimates, Q4 estimates were cut to a level below consensus.
The analyst reiterated an Overweight rating, stating "We are taking down our billings from $319M to $303M, and below consensus estimate of $318M. The main reason for this adjustment is the need to account for $15M of acquired deferred in 4Q21 from the Llamasoft acquisition. We believe the correct way to make this adjustment is to back out the $15 from the year-ago billings used in the denominator for organic billings math in 4Q22. After making this adjustment, we can see that consensus $318M billings implies 18% YoY in total reported growth, but 25% on an organic basis."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesMorgan Stanley, Definitive Agreement
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