UPDATE: Wells Fargo Starts Ping Identity Holding Corp. (PING) at Overweight
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(Updated - October 4, 2021 4:22 PM EDT)
Wells Fargo analyst Andrew Nowinski initiates coverage on Ping Identity Holding Corp. (NYSE: PING) with a Overweight rating and a price target of $32.00.
The analyst comments "We are initiating coverage of PING with an Overweight rating and $32 price target, which is based on 7x EV/CY23E Sales. Our rating reflects, in part, our belief that Ping Identity’s PingOne Cloud Platform will ultimately lead to long-term share gains. Additionally, we see a powerful combination of several other key drivers that have the potential to lift overall revenue growth to the 20% threshold or higher over time. While we are taking a more conservative approach to our revenue estimates at this time, we acknowledge the potential for further upside in the future, and with current valuations at a sizable discount to the peer group, we believe the risk/reward remains attractive, further underpinning our Overweight rating."
Shares of Ping Identity Holding Corp. closed at $25.29 yesterday.
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