| Wednesday | ||||
Check out today's top…
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BofA analyst Daniel… BofA analyst Daniel Bartus initiated coverage of Qualtrics with a Neutral rating and $50 price target. The analyst is positive on the company's "large and growing" total addressable market, its "strong leadership position" as highlighted by his conversations in the industry, and its "compelling" land-and-expand opportunity with customers more focused on experience management programs. Bartus warns however that Qualtrics is trading at a premium valuation of 24-times enterprise value to expected 2022 sales. | ||||
| Over a week ago | ||||
Catch up on today's… Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Home Point Capital (HMPT) initiated with an Outperform at Wedbush, Credit Suisse and JMP Securities, initiated with an Overweight at Piper Sandler, JPMorgan and Wells Fargo, initiated with an Equal Weight at Morgan Stanley and initiated with a Neutral at Goldman Sachs. 2. Qualtrics (XM) initiated with an Outperform at Oppenheimer, JMP Securities and Raymond James, initiated with a Buy at Citi, Truist and Canaccord, initiated with a Market Perform at BMO Capital, initiated with a Neutral at Goldman Sachs and Piper Sandler, initiated with an Equal Weight at Barclays and Morgan Stanley, initiated with an In Line at Evercore ISI and initiated with a Hold at Loop Capital. 3. SAP (SAP) reinstated with an In Line at Evercore ISI. 4. dMY Technology II (DMYD) initiated with a Buy at Benchmark. 5. LightPath (LPTH) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Morgan Stanley analyst… Morgan Stanley analyst Keith Weiss initiated coverage of Qualtrics with an Equal Weight rating and $44 price target. While he admits that the Qualtrics Experience Platform "maintains a leading position" ahead of an estimated $47B market opportunity, Weiss sees the shares being "priced for perfection," noting that the stock's current valuation is "a premium to the most expensive software names." | ||||
Raymond James analyst… Raymond James analyst Brian Peterson initiated coverage of Qualtrics with an Outperform rating and $55 price target. While the stock is far from cheap and has surged 49% since the IPO price, Peterson still thinks the long-term outlook for shares looks constructive, the analyst tells investors in a research note. He sees a number of secular tailwinds driving increased adoption for experienced management, suggesting that the broader category could see a factor level increase in spend longer-term. | ||||
Canaccord analyst David… Canaccord analyst David Hynes initiated coverage of Qualtrics with a Buy rating and $54 price target. The analyst said the experience management market opportunity is huge and despite it being a leader, is only seeing single digit penetration. He believes they are the furthest along in delivering and end to end experience for collecting experience data. | |
Loop Capital analyst Yun… Loop Capital analyst Yun Kim initiated coverage of Qualtrics with a Hold rating and $45 price target. The company is "well positioned" to fully capture the emerging experience management market opportunity which is currently "highly fragmented" and "significantly underpenetrated", but at 29- and 24-times expected 2021 and 2022 sales, the stock "fairly" values its near-term opportunity, the analyst tells investors in a research note. | |
JPMorgan analyst Mark… JPMorgan analyst Mark Murphy initiated coverage of Qualtrics with an Overweight rating and $55 price target. Qualtrics pioneered the experience management space and is now the company leading it with the most forward leaning vision and fastest pace of innovation, per customers, Murphy tells investors in a research note. He believes secular trends such as digital transformation, "solid" revenue growth at scale and an efficient business model makes Qualtrics an "exceptional asset among software companies." | |
Truist analyst Terry… Truist analyst Terry Tillman initiated coverage of Qualtrics with a Buy rating and $60 price target. The analyst is positive on the company as a category leader in the experience management, or XM, software market, with a "constructive" view on its "large" total addressable market for XM evolving into a "strategic, large enterprise spend category". Tillman adds that Qualtrics is well positioned to achieve attractive "long-term compounding growth" thanks to its differentiated platform, strong sales execution, and numerous call options for upside. | |
JMP Securities analyst… JMP Securities analyst Patrick Walravens initiated coverage of Qualtrics (XM) with an Outperform rating and $55 price target. The company represents an "excellent opportunity" for long-term durable growth because it addresses a large market of as much as $60B and due to its leadership position in the experience management software market with a best-in-class product offering, the analyst tells investors in a research note. Walravens adds that Qualtrics has an "attractive" financial profile with expected 29% revenue growth in 2020 and a relationship with SAP (SAP) that offers a "strong entry point" into its large customer base. |