UPDATE: Needham & Company Starts Cvent (CVT) at Buy

Needham & Company analyst Scott Berg initiates coverage on Cvent (NASDAQ: CVT) with a Buy rating and a price target of $11.00.

The analyst comments "We initiate coverage on Cvent with a Buy rating and a $11 PT. While we believe the recent COVID pandemic has forever changed the events industry, we believe Cvent is a strong cyclical play on the return of in-person events, especially since overall attendance could be helped by a more uniformly accepted hybrid model. We think Cvent has a significant opportunity to capture a disproportional share of this accelerating demand due to its unique events-plus-hospitality management platform that creates a network effect and revenue flywheel for customers managing venues and attendance together. Although new COVID variants present a risk to the recovery trajectory, we believe the return of events over the next 24 months can fuel revenue growth acceleration and drive incremental multiple expansion. Our $11 PT is 7.4x our FY22 revenue estimate."

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

Shares of Cvent closed at $7.90 yesterday.

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