UPDATE: JPMorgan Starts SEMrush Holdings, Inc (SEMR) at Overweight
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JPMorgan analyst Mark Murphy initiates coverage on SEMrush Holdings, Inc (NYSE: SEMR) with a Overweight rating and a price target of $20.00.
The analyst comments "The key highlight for Semrush is far and away the comprehensiveness of the solution. Its bread and butter is its search engine optimization capabilities, but it also offers market research, advertising analysis, content, and social media. Semrush’s business model is diversified with >67K paying customers and a pool of 404K free customers that it seeks to convert to paying customers. Greater than 50% of revenue is currently generated outside the US. Although many of its customer are SMBs, its net retention was 114% in 2020, well above traditional SMB net retention. Its attractive financial profile is evident in its FTM growth plus margin in the 20%+ range. Our Dec 2021 price target of $20 is based on ~12.5x EV/revenue for CY22E, which is a discount to the primary set of digital marketing/advertising comparables and roughly about 4.5 turns above its customer engagement peers."
Shares of SEMrush Holdings, Inc closed at $17.93 yesterday.
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