Fly News Breaks for December 5, 2019
Dec 5, 2019 | 09:07 EDT
After Avalara announced Bill Ingram will be transitioning to the board and Ross Tennenbaum will be taking over as CFO, Stephens analyst James Rutherford said some investors might think Ingram is leaving because the company is at peak growth and "a big slowdown is coming" in 2020. However, he thinks the business has "never been in a better position" and, if anything, knowledge of this upcoming transition led to additional conservatism in the company's guidance. If the stock is weak on the news, he would be buying, added Rutherford, who keeps an Overweight rating and $105 price target on Avalara shares.
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