UPDATE: Goldman Sachs Reinstates Avalara (AVLR) at Buy

December 13, 2021 3:36 AM EST
Get Alerts AVLR Hot Sheet
Price: $93.48 --0%

Rating Summary:
    6 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
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(Updated - December 13, 2021 4:33 AM EST)

Goldman Sachs analyst Gabriela Borges reinstates coverage on Avalara (NYSE: AVLR) with a Buy rating and a price target of $200.00.

The analyst comments "We initiate on Avalara with a Buy rating and 39% upside to our 12-month price target of $200. We believe Avalara has established a wide competitive moat in the fast-growing Tax Automation TAM that will allow it to compound growth at 20%-30% for the next 10 years. We believe Avalara is in the process of further professionalizing its go to market to enable broader distribution, including more focus on cross selling, introducing reference wins in specific verticals, and building partnerships with the Big 4 accounting firms. Commensurate with this, the company continues to introduce new features to its product stack (with 10x more product updates per year today vs. 2018) that in our view will ultimately make it more successful with a larger tranche of customers."

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

Shares of Avalara closed at $143.75 yesterday.

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