UPDATE: JPMorgan Upgrades BTRS Holdings Inc. (BTRS) to Overweight

(Updated - November 8, 2021 4:33 AM EST)

JPMorgan analyst Tien-Tsin Huang upgraded BTRS Holdings Inc. (NASDAQ: BTRS) from Neutral to Overweight with a price target of $15.00.

The analyst comments "We upgrade BTRS to Overweight and retain our $15 Dec-22 price target. Shares have fallen 48% since late April (Russell 2000 +6% over same period), while revenue and gross profit estimates are relatively unchanged. As such, we think valuation is more reasonable relative to our expectations of BTRS being a solid high-teens to 20+% gross profit grower in the mid-term. Shares now trade at ~10x 2022E gross profit or a growth-adjusted multiple of 0.5x, well below AR automation peers at ~22x and ~0.7x, respectively."

For an analyst ratings summary and ratings history on BTRS Holdings Inc. click here. For more ratings news on BTRS Holdings Inc. click here.

Shares of BTRS Holdings Inc. closed at $8.36 yesterday.

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