Zendesk (ZEN) PT Raised to $185 at Cowen
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Cowen analyst J. Derrick Wood raised the price target on Zendesk (NYSE: ZEN) to $185.00 (from $165.00) while maintaining an Outperform rating.
The analyst commented, "ZEN reported a strong 4Q w/ 30% billings growth well above Street of 21%. Largest beat in 10 qtrs; new bookings growth the strongest in 3 years; strength was broad-based; ZEN is hiring aggressively & enters 1Q w/ a lot of momentum. Guidance was modestly above Street w/ the bar set nicely conservative. New LT goal to more than triple revs in 5 yrs (25%+ CAGR). Reiterate Outperform. PT to $185."
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