Canaccord analyst Joseph Vafi initiated Coupa Software with a Buy rating and $171 price target. The analyst notes that the cumulative spending through the company's platform exiting Q2 has reached $1.3B and contends that Coupa is still "building momentum". Vafi cites the company's "accelerating growth" in sales as well as deferred revenue, adding that Coupa has figured out how to grow its enterprise and mid-market business while still driving SGA leverage. The analyst further states that he is also positive on Coupa Pay and the company's positioning in procurement.