UPDATE: UBS Starts Anaplan Inc. (PLAN) at Buy

October 1, 2021 4:43 AM EDT
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Price: $42.81 --0%

Rating Summary:
    19 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 5 | New: 8
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(Updated - October 1, 2021 5:59 AM EDT)

UBS analyst Taylor McGinnis initiates coverage on Anaplan Inc. (NYSE: PLAN) with a Buy rating and a price target of $72.00.

The analyst comments "We have consistently heard that back-office application initiatives have been less of a near-term priority and slower to recover during the pandemic, yet we believe that PLAN’s 2QF22 results combined with our +15 partner and customer checks suggest that a recovery in deal activity is beginning to materialize and has the potential to be stronger in 4QF22/1HF23. We think this and evidence of greater future demand for modern planning tools (now viewed as more critical) will help support durable 30%-plus revenue growth over the medium-term (we’re conservatively modeling 27% growth). We have conviction that PLAN can materially re-rate in this scenario, as well as with continued margin expansion approaching breakeven. Downside appears more limited given that PLAN already trades at a significant discount to peers and seems to already embed somewhat of a belief that deal activity will remain sluggish and improve more gradually. "

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

Shares of Anaplan Inc. closed at $60.89 yesterday.

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