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Fly News Breaks for October 29, 2019
AVLR
Oct 29, 2019 | 06:04 EDT
Piper Jaffray analyst Brent Bracelin last night initiated coverage of Avalara with an Overweight rating and $93 price target. The company has experienced "robust growth" as a leader in sales tax compliance software, in part driven by the Supreme Court Wayfair ruling in 2018 allowing states to enforce online sales taxes, Bracelin tells investors in a research note. The analyst sees a "large greenfield market opportunity" for compliance software and believes new regulations are helping stimulate adoption.
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