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Fly News Breaks for April 12, 2019
SMAR
Apr 12, 2019 | 06:16 EDT
Needham analyst Scott Berg initiated Smartsheet with a Buy rating and a price target of $45, citing the company position as a "early leader in a significant secular technology shift changing how employees manage work." The analyst believes that Work Management software is "in the early innings of a hyper growth phase" and can drive 30% ore more in subscription revenue growth at Smartsheet. While he sees valuation on the stock as high, Berg believes that the company's "unique combination of extended fast revenue growth and model profitability" warrants a premium.
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