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Fly News Breaks for March 19, 2019
ZUO
Mar 19, 2019 | 07:35 EDT
Canaccord analyst Richard Davis upgraded Zuora to Buy from Hold and raised his price target to $28 from $23, citing favorable long-term prospects. In a research note to investors, Davis says he believes Zuora will sustain revenue growth above the Mendoza line for software companies, which nowadays is about 30% for the next 3-5 years and that the company will continue a trend since its IPO three quarters ago to meaningfully outperform versus expectations on the task of reducing a still-too-high loss ratio. If those predicates hold true, Davis says he believes Zuora's share price could rise 20%-40% per year for the next several years.
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