UPDATE: Wolfe Research Starts Smartsheet Inc. (SMAR) at Outperform
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Wolfe Research analyst Alex Zukin initiates coverage on Smartsheet Inc. (NYSE: SMAR) with a Outperform rating and a price target of $75.00.
The analyst comments "From a stock perspective we believe that billings and revenue growth in the high 30% range will be required to drive multiple expansion from current levels. We see expanding enterprise traction, greater Brandfolder/WorkApps cross-selling, and ramping Federal and International business as the key catalysts. Our upside model assumes an accelerated mid-20% bookings growth the next two years which we view as achievable in the context of expanding market awareness and solid brand awareness (based on our proprietary survey work)."
Shares of Smartsheet Inc. closed at $60.91 yesterday.
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