UPDATE: Evercore ISI Upgrades Qualtrics (XM) to Outperform
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Evercore ISI analyst Kirk Materne upgraded Qualtrics (NASDAQ: XM) from In Line to Outperform with a price target of $40.00 (from $50.00).
The analyst comments "We are upgrading Qualtrics to Outperform as we believe that the recent pullback in the shares creates a more attractive risk/reward when taking a 6-12 month view. When adjusting our PT to account for higher interest rates/lower multiples across the space, our updated $40 PT still offers ~50% upside from current levels. As a refresher, Qualtrics is a ~$1bn SaaS platform that is defining a new category of software (Experience Management), and in our view, is well positioned to benefit from a strong demand environment as customers remain laser focused on delivering positive customer and employee experiences. We believe this puts XM in a strong position to continue to deliver beat/raise results in CY22."
Shares of Qualtrics closed at $26.38 yesterday.
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