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Fly News Breaks for March 14, 2018
MODN
Mar 14, 2018 | 18:55 EDT
JPMorgan analyst Jackson Ader raised his price target on Model N to $20 from $18 after the company's investor day provided some color around its near and long term opportunities. Ader notes the FY19 targets imply a recurring revenue growth of 15% and margins were ahead of his estimates. The analyst keeps his Neutral rating however, adding that the near-doubling of the stock price since late 2016 has brought valuation to appropriate levels, with further outperformance "harder to come by".
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