Loop Capital analyst Joseph Vafi raised his price target on Coupa Software to $80 and kept his Buy rating after its Q3 earnings beat and better than expected FY19 outlook. The analyst cites its "modest acceleration to subscription revenue growth, combined with solid leverage in sales and marketing spend" along with a "solid" 100bps acceleration of the trailing twelve months billings growth to 39%. Vafi further notes that Coupa Software's operating leverage path forward is now clearer and that the company's core procurement platform services offer a "somewhat recession-proof value proposition".