UPDATE: Loop Capital Upgrades Anaplan Inc. (PLAN) to Hold
- Indexes close up more than 1% as investors assess Fed news
- China Tells Local Authorities to Prepare For a 'Possible Storm' and Prevent Unrest as Evergrande Crisis Unravels - WSJ
- Salesforce (CRM) Raises FY22 Revenue Guidance; Initiates FY23 Revenue
- Oil prices rise, hit 2-month highs on supply worries
- IDFA Seen as a 'Real Headwind' for Facebook (FB) but Analysts Remain Positive
Loop Capital analyst Yun Kim upgraded Anaplan Inc. (NYSE: PLAN) from Sell to Hold with a price target of $58.00.
The analyst comments "We are upgrading shares of PLAN from Sell to Hold based largely on our most recent industry checks that indicate the overall deal activity in its core target market, enterprise performance management (EPM), has picked up meaningfully over the past quarter, although much of the increase is driven by smaller sized deals. As such, we are expecting PLAN’s overall business activity to show at least some modest improvement vs. our previous expectation, especially in regard to the new customer adds. However, we continue to receive feedback from our industry sources that activity around large $1M+ ARR deals in the industry remains lackluster, which has been the case for more than a year. This is further supported by our checks with large global system integrators (GSIs) that activity around large planning initiatives remains lackluster. We also highlight that a private vendor, OneStream, continues to gain traction in the marketplace at the expense of PLAN, especially around Oracle’s Hyperion end-of-life support-related activity. Overall, we are modestly increasing this year’s billings growth estimate from the mid-20s to high-20s to reflect improvement in its business activity. We continue to believe that large deal activity ($1M+ ARR deals) needs to rebound for the company to return to a 40%+ billings growth rate prior to COVID. Our new $58 PT reflects modestly higher cash flows."
Shares of Anaplan Inc. closed at $56.69 yesterday.
You May Also Be Interested In
- Stifel Assumes, Upgrades Beam Inc (BEAM) to Buy
- Trimble (TRMB) Slips as Morgan Stanley Downgrades to Underweight
- Accenture plc (ACN) PT Raised to $370 at Cowen
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!