Needham & Company analyst Ryan MacDonald raised the price target on LivePerson (NASDAQ: LPSN) to $60.00 (from $33.00) while maintaining a Buy rating.

The analyst commented, "We are reiterating our Buy rating. while raising our PT to $60, on LivePerson (LPSN) following the company's strong 2Q results which highlighted solid progress on cost saving initiatives, increased demand/volumes from existing customers, and a strong pipeline for new logo expansion in 2H20, all resulting in an increase to FY20 top and bottom line guidance, above the high-end of pre-COVID expectations. The COVID-19 pandemic has clearly driven increased volumes within the contact center, requiring businesses to expand the number of channels through which they can interact with consumers. We expect LPSN to remain a key beneficiary and continue to accelerate top line growth into FY21, while also improving leverage in the model. As such, we remain buyers on strength given the improving fundamentals of the business."