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AVLR

Avalara

$34.68

-1.375 (-3.81%)

23:51
08/15/18
08/15
23:51
08/15/18
23:51

Avalara upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Jesse Hulsing upgraded Avalara to Buy and kept his price target of $45, saying the company has "significantly underperformed" his coverage over the past month following a post-IPO overshoot and created an opportunity for investors. The analyst believes that Avalara will be the "category winner in the transaction tax compliance software market" and believes it is a compelling investment thanks to secular tailwind from ecommerce growth, lack of a competitive threat, and the catalyst of the recent South Dakota v. Wayfair Supreme Court ruling. Hulsing adds that a durable 20% or more growth for Avalara is likely, with upside for the stock from current levels after a 25% decline in price over the past two days.

AVLR Avalara
$34.68

-1.375 (-3.81%)

07/10/18
STFL
07/10/18
INITIATION
Target $44
STFL
Hold
Avalara initiated with a Hold at Stifel
Stifel analyst Brad Reback initiated Avalara with a Hold rating and $44 price target, stating that he believes the company has a large and underpenetrated market opportunity and unique go-to-market approach, but he also believes all of this is fully reflected in the current share price.
07/10/18
JMPS
07/10/18
INITIATION
JMPS
Market Perform
Avalara initiated with a Market Perform at JMP Securities
JMP Securities analyst Patrick Walravens started Avalara with a Market Perform rating, stating that the story includes a number of positive elements, but also noting that the stock is up 98% from its IPO price due to investor optimism about the U.S. Supreme Court decision on online sales tax collection. Given the run-up since the court decision, Walravens sees Avalara shares as fairly valued, he tells investors in his initiation note.
07/10/18
KEYB
07/10/18
INITIATION
KEYB
Sector Weight
Avalara initiated with a Sector Weight at KeyBanc
KeyBanc analyst Brent Bracelin started Avalara with a Sector Weight rating on valuation given investor optimism has been reflected in a share price that has risen 98% since the IPO. Nonetheless, the analyst has a bullish medium- to long-term view on Avalara based on its leadership in cloud software for sales tax compliance, differentiated tax content and software integrations, large $8B addressable market with less than 2% penetration, and long runway to sustain 20%-plus annual growth for the next decade.
07/16/18
JMPS
07/16/18
NO CHANGE
JMPS
Market Perform
Etsy comments hint at possible competitive moat for Avalara, says JMP Securities
After reviewing the South Dakota v. Wayfair Supreme Court opinion and some of the related Amicus Curiae briefs, JMP Securities analyst Patrick Walravens highlighted a comment from Etsy's (ETSY) brief that concluded that "given this complexity [of mapping thousands of tax codes to millions of unique products], it is doubtful that a software fix ever can be developed." Rather than doubting that a software solution can ever be developed, Walravens said he views the complexity referenced by Etsy as the market opportunity and potential competitive moat for Avalara, he tells investors. Still, Walravens believes Avalara is currently fairly valued and maintains his Market Perform rating on the shares.

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