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Fly Intel: Top five analyst initiations » 09:5207/1207/12/21
WKME, UPST, ALRM, AXNX, CVX, XOM
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. WalkMe (WKME) initiated with a Buy at Goldman Sachs, Citi and Needham, initiated with an Outperform at BMO Capital, initiated with an Outperform at JMP Securities, initiated with an Overweight at KeyBanc, Barclays, Wells Fargo and Morgan Stanley. 2. Upstart (UPST) initiated with a Buy at Goldman Sachs. 3. Alarm.com (ALRM) initiated with an Equal Weight at Barclays. 4. Axonics (AXNX) initiated with an Overweight at Barclays. 5. Chevron (CVX) initiated with an Outperform and Exxon Mobil (XOM) initiated with a Market Perform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
WalkMe initiated with a Buy at Needham » 07:4007/1207/12/21
Needham analyst Scott…
Needham analyst Scott Berg initiated coverage of WalkMe with a Buy rating and $40 price target. The company is the early leader in the nascent digital adoption platform space, which should develop into a "massive" end market over time, Berg tells investors in a research note. The analyst believes tools like WalkMe "solve one of the most critical corporate challenges of the 21st century:" how to drive better adoption and productivity of the ever-increasing number of software solutions employees are asked to use for their jobs.
WalkMe initiated with an Overweight at Morgan Stanley » 06:3407/1207/12/21
Morgan Stanley analyst…
Morgan Stanley analyst Josh Baer initiated coverage of WalkMe with an Overweight rating and $41 price target. He thinks the value of WalkMe's differentiated capabilities are underappreciated and expects WalkMe will be able to maintain its leading position as its intuitive, guided experiences can optimize users' interactions with software, Baer tells investors. Increasing sales capacity, focusing on partnership and building out a WalkMe ecosystem, moving up-market and expanding internationally can all drive accelerating Annual Recurring Revenue growth for WalkMe, Baer contends.
WalkMe initiated with an Overweight at Wells Fargo » 06:2607/1207/12/21
Wells Fargo analyst…
Wells Fargo analyst Michael Turrin initiated coverage of WalkMe with an Overweight rating and $40 price target. The company is pioneering a new category of software known as the digital adoption platform, Turrin tells investors in a research note. The company saw "impressive" pre-pandemic growth and it poised for a rebound post a shift back into investment mode and a more favorable hybrid work environment to sell into, Turrin tells investors in a research note.
WalkMe initiated with an Overweight at Barclays » 05:3007/1207/12/21
Barclays analyst Raimo…
Barclays analyst Raimo Lenschow initiated coverage of WalkMe with an Overweight rating and $36 price target. WalkMe is the market leader in the emerging digital adoption platform market, Lenschow tells investors in a research note. The analyst sees the company accelerating annual recurring revenue growth from the mid-20% range in 2020 to the mid-30% range by 2022 as it builds its ecosystem and expands its sales coverage and channel partner network.
WalkMe initiated with an Overweight at KeyBanc » 05:2207/1207/12/21
KeyBanc analyst Michael…
KeyBanc analyst Michael Turits initiated coverage of WalkMe with an Overweight rating and $42 price target, representing 36% upside. The analyst sees "strong demand drivers" for WalkMe as a high return on investment solution to the problem of increasing software complexity spurred by digital transformation. He sees a "large greenfield opportunity" and adjacencies like automation and digital experience analytics.
WalkMe initiated with a Buy at Citi » 05:1207/1207/12/21
Citi analyst Tyler Radke…
Citi analyst Tyler Radke initiated coverage of WalkMe with a Buy rating and $40 price target. The analyst sees Walkme as a "derivative, yet strategic play" on digitization and software-as-a-service adoption. The company's digital adoption platform helps organizations solidify levels of return on investment that were promised in digital transformation projects, Radke tells investors in a research note. He "conservatively" estimates a $12B "greenfield market opportunity, with multiple sources of upside."
WalkMe initiated with an Outperform at JMP Securities » 05:0107/1207/12/21
JMP Securities analyst…
JMP Securities analyst Patrick Walravens initiated coverage of WalkMe with an Outperform rating and $39 price target. The analyst sees WalkMe as an "attractive opportunity for long-term capital appreciation for several reasons." The company's digital adoption platform makes software easier to use and deploy, it holds a leadership position in an attractive market that it estimates could be as big as $34B, and it has an opportunity for accelerating growth as annual recurring revenue growth fell from 47% in Q1 to 25% in Q4 due to the pandemic, Walravens tells investors in a research note.
WalkMe initiated with an Outperform at BMO Capital » 04:4607/1207/12/21
BMO Capital analyst Keith…
BMO Capital analyst Keith Bachman initiated coverage of WalkMe with an Outperform rating and $35 price target. The analyst believes WalkMe is well positioned in a relatively new self-help digital market, driving high customer return on investment. Stock catalysts including "steady if modest upside" to annual recurring revenue, new customer wins, and new product announcements, says the analyst.
WalkMe initiated with a Buy at Goldman Sachs » 19:4107/1107/11/21
Goldman Sachs analyst…
Goldman Sachs analyst Christopher Merwin initiated coverage of WalkMe with a Buy rating and $47 price target. While there is some emerging competition among 3P vendors and the large application developers, the analyst believes WalkMe's differentiation lies in the extensibility of the platform across any type of application and the myriad of use cases that can be developed through its no-code platform. In a time when enterprises are accelerating digital transformation efforts, Merwin thinks Digital Adoption will be critical to maximize the return on those investments. Also, he believes WalkMe is taking steps to effectively move up market and in doing so is improving the sales efficiency of the business, which historically has under-indexed relative to SaaS peers given the higher costs of category creation.