MuleSoft upgraded to Outperform at Oppenheimer
As previously reported, Oppenheimer analyst Ittai Kidron upgraded MuleSoft to Outperform from Perform, with a $30 price target, following meetings with senior management. The analyst is incrementally positive and believes MuleSoft has several key growth drivers in place yet to be fully monetized or appreciated. Near-term, Kidron sees additional leverage from MuleSoft's enhanced sales effort, and its expanding partner/channel leverage. Longer-term, he believes Anypoint has substantial room for value creation adding security capabilities and leveraging its central position to secure/monitor incoming/outgoing application connections and data traffic and detect anomalous behavior.