UPDATE: Needham & Company Starts Jamf Holding Corp. (JAMF) at Buy
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Needham & Company analyst Joshua Reilly initiates coverage on Jamf Holding Corp. (NASDAQ: JAMF) with a Buy rating and a price target of $45.00.
The analyst comments "We initiate coverage of Jamf with a Buy rating and $45 PT based on our belief that recent ARR growth will be sustainable exiting the pandemic. We outline below our expectations for marketplace adoption of Jamf Business Plan to drive ARR growth above expectations over the next few years, as our analysis shows that even modest adoption will be highly accretive to ARR per device. Second, we believe the penetration rates of key devices, including Mac in commercial markets is low, at 3.3mm Macs managed, versus a still-growing opportunity of 50mm+. Third, we believe Jamf's ability to differentiate Jamf Pro with vertical-specific use-cases will improve over time, supporting market share gains. Finally, we believe the current valuation is attractive relative to the company's projected growth and profitability."
Shares of Jamf Holding Corp. closed at $35.02 yesterday.
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