UPDATE: JPMorgan Starts Qualtrics (XM) at Overweight
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JPMorgan analyst Mark Murphy initiates coverage on Qualtrics (NASDAQ: XM) with a Overweight rating and a price target of $55.00.
The analyst comments "Qualtrics pioneered the Experience Management space and is now the company leading it with the most forward leaning vision and continued innovation. Qualtrics’ platform not only allows companies to gather feedback from several different touchpoints, but more importantly allows customers to analyze and correlate with operational data to generate insights and close the loop by taking action on the insights. While this space continues to evolve, we think Qualtrics offers a highly differentiated solution in the market, evidenced by the fact that Qualtrics is almost 2x the size of its two nearest pure-play competitors and is growing ~2x faster. We believe the combination of alignment to secular trends such as digital transformation, solid revenue growth at scale and an efficient business model makes Qualtrics an exceptional asset among software companies, and our optimism of the opportunity ahead is reflected in our Overweight rating. Our Dec 2021 PT of $55 is based on ~29x EV/CY22E revenue."
Shares of Qualtrics closed at $45.60 yesterday.
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