Needham analyst Ryan MacDonald raised his price target on Coupa Software to $108 and kept his Buy rating after its "strong" Q4 results and a beat on all of its key metrics, saying the company is benefiting from strong new customer adoption and existing customer spending expansion. The analyst also notes that while investors may be concerned by its current valuation of 16.7-times enterprise value to expected FY20 sales, he sees Coupa Software offering an "expansive market opportunity due to its broadening platform and favorable competitive dynamics." MacDonald believes that given the company's "strong track record of execution", he sees its premium multiple as "justified" and its multi-year growth of over 30% as "achievable".