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Fly News Breaks for August 7, 2019
MODN
Aug 7, 2019 | 07:57 EDT
Needham analyst Ryan MacDonald upgraded Model N to Buy with a price target of $26 after its Q3 earnings beat. The analyst says the quarter was marked by "strong" execution and bookings growth driven by "notable" new logo wins. MacDonald also states that while he was initially skeptical about the company's narrowed focus to two verticals, Model N's 3 consecutive quarters of improved execution has proven him wrong and given him confidence about the company's revenue growth re-acceleration coming from existing customers' transition to SaaS.
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