Pacific Crest Starts Mindbody (MB) at Overweight

Pacific Crest initiated coverage on Mindbody (NASDAQ: MB) with an Overweight rating and a price target of $19. Analyst Brendan Barnicle thinks the stock deserves a premium valuation.

"MINDBODY provides SaaS business management and payment processing solutions to the health and wellness services industries, which historically have been underserved. As a result, the company has developed predictable recurring revenue, while expanding into multiple new vertical markets and driving industry-leading growth. Therefore, we believe MB deserves a premium valuation," said Barnicle.

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

Shares of Mindbody closed at $13.36 yesterday.

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