Coupa Software (COUP) PT Raised to $320 at Mizuho Securities
Mizuho Securities analyst Siti Panigrahi raised the price target on Coupa Software (NASDAQ: COUP) to $320.00 (from $270.00) while maintaining a Buy rating.
The analyst commented, "Coupa reported a strong FQ3, exceeding consensus expectations across the board. Billings beat by ~$26M as the company closed a few large deals, including Walmart. FQ3 results and commentary indicate that near-term headwinds appear to be easing, aided in part by the strong value proposition of its expanding BSM platform, and we believe Coupa has material runway for continued robust growth, and should see re-accelerated billings growth (organically) in FY 2022. However, COUP currently trades at 36x NTM EV/revenue multiple, above the high-growth SaaS comp multiple of 28x. Therefore, we maintain our Neutral rating and given the results in the quarter and appreciation of the comps, increase our PT to $320 (previously $270 PT)."