UPDATE: Oppenheimer Upgrades Everbridge (EVBG) to Outperform

(Updated - March 10, 2020 7:54 AM EDT)

(updating comment)

Oppenheimer analyst Andrew Uerkwitz upgraded Everbridge (NASDAQ: EVBG) from Perform to Outperform with a price target of $119.00.

The analyst comments "We are upgrading Everbridge on three factors: 1) Covid-19 is likely to accelerate the CEM product suite adoption (higher TAM, higher ARPU product class); 2) more confidence in 3- to 5-year 30% revenue growth CAGR; 3) investors likely to pay a premium valuation going forward. We believe the stock will continue to outperform the market (+17% vs. -16%, last month) and should be a part of a broader portfolio of tech stocks that will likely not see negative revisions to estimates over the near term. Moreover, EVBG has several potential catalysts including an analyst day in June and EU countrywide mandates over the next 18–24 months. Put together, we believe valuing EVBG as a tier 1 SaaS company is now warranted."

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

Shares of Everbridge closed at $108.36 yesterday.

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