LiveRamp is off to a "strong start" in fiscal 2020, with Q1 upside on the top and bottom lines, William Blair analyst Adam Klauber tells investors in a post-earnings research note. The analyst adds that while subscription revenue beat his estimate due to several large deals, dollar net retention of 108% and ending direct client count of 690 both were slightly below his estimates. Despite the potential of continued regulatory/privacy-related noise in the near-term, Klauber continues to like LiveRamp. It appears on track to grow revenue 25% to 30% over the next several years, with a possibility of 30%-plus growth in the near term given the accelerating growth in the marketplace segment, says the analyst. He keeps an Outperform rating on LiveRamp Holdings.