Switch Inc. (SWCH) PT Raised to $30 at Stifel

Stifel analyst Erik Rasmussen raised the price target on Switch Inc. (NYSE: SWCH) to $30.00 (from $26.00) while maintaining a Buy rating.

The analyst commented, "This morning, SWCH announced the creation of the Chief Revenue Officer position and named Jonathan King to the role. We believe the formalization of a sales leadership position at the C-level makes sense given the growth in the size of the business and the numerous initiatives the company is pursuing including new products (Edge & Vault), the Data Foundry integration and driving potential revenue synergies, and development of its fifth prime campus (“the Rock”) in Austin. Jonathan King seems to be particularly well-suited for the role given his strong experience launching Google Cloud's telecom and edge industry offering, and see his experience and leadership coming at a crucial time in the overall evolution of Switch’s sales strategy to support over 1.3M SF of additional data center capacity coming online over the next 2 years across multiple campus locations. We are raising our TP to $30 and reiterate our Buy rating."

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