UPDATE: Goldman Sachs Downgrades Jamf Holding Corp. (JAMF) to Neutral
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Goldman Sachs analyst Rod Hall downgraded Jamf Holding Corp. (NASDAQ: JAMF) from Buy to Neutral with a price target of $32.00.
The analyst comments "Jamf reported solid Q1 results as well as Q2 guidance driven by broad-based demand in a favorable WFH and study from home environment. However, implied H2 guidance is 2% below our forecasts as we note uncertainties around the sustainability of Educational tailwinds as well as the pickup of Commercial demand with reopening. The company announced the acquisition of Wandera for $400m targeting mobile device protection for iOS devices. We downgrade to Neutral as our estimates are more or less in-line with consensus and re-opening increases uncertainty into early 2022. We lower our 12-month price target to $32. Since being added to the Buy list on August 16, 2020, the stock is -11.8% vs the S&P500 +23.1%. We attribute the underperformance to investor concerns on the sustainability of the favorable demand environment."
Shares of Jamf Holding Corp. closed at $31.55 yesterday.
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