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Fly News Breaks for August 14, 2019
PD
Aug 14, 2019 | 08:27 EDT
RBC Capital analyst Matthew Hedberg upgraded PagerDuty to Outperform with an unchanged price target of $49, saying the recent 37% pullback in the stock price over the past two months creates a more attractive long-term entry point. The analyst attributes some of the weakness to "confusion" around the company's calculated billings reported in Q1 , saying PagerDuty has the strongest renewal activity in Q2 and Q4. Hedberg adds that he sees upside to Q2 and FY20 guidance ahead of the company's results next month, encouraging investors to focus on PagerDuty's revenue and trailing-12-month billings rates.
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