JMP Securities analyst Patrick Walravens noted that Under Armour (UAA) posted an open position on its careers website that included language that leads him to believe the sports apparel maker may be adopting BlackLine's (BL) Intercompany Hub, or ICH, product. BlackLine previously commented on its Q4 call that it closed "multiple" ICH deals, but did not disclose any company names associated with those deals, noted Walravens, who keeps an Outperform rating and $45 price target on BlackLine shares.

Piper Sandler upgraded BlackLine to Neutral from Underweight with a price target of $62, up from $55. The analyst says further downside risks appear limited relative to second half of 2024 consensus growth estimates of 8%. The estimate could prove too conservative based on improving cloud fundamentals at SAP where the cloud backlog increased by EUR 3B year-over-year to EUR 14.2B on 28% constant currency growth versus 27% last quarter, the analyst tells investors in a research note. The firm, however, says cloud backlog may take time to materialize into a tailwind for BlackLine. It notes about 25% of BlackLine sales were driven by the SAP partnership last year.