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Fly News Breaks for October 22, 2019
Oct 22, 2019 | 07:09 EDT
Evercore ISI analyst Kirk Materne upgraded Anaplan to Outperform from In Line with a $57 price target as he believes the recent pullback in the stock sets up a more attractive risk/reward for what he continues to view as a "category killer" in the connected planning market. Valuation and tougher compares will remain the biggest hurdles in the near-term, but the company could ultimately scale to a $1B+ revenue business, said Materne, who added that his partner checks indicate it is still "very early innings" in terms of the shift to cloud-based planning software.
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