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Fly News Breaks for January 21, 2020
MSFT, WORK
Jan 21, 2020 | 06:32 EDT
Piper Sandler analyst Brent Bracelin believes 2019 was a challenging year for Slack Technologies (WORK) after it completed a direct public offering and endured a "marketing onslaught" from Microsoft Teams (MSFT). Slack's growth could moderate to an estimated 42% this quarter from 82% in fiscal 2019 on higher revenue levels and rising competitive risks, Bracelin tells investors in a research note. However, he sees 2020 as a "year of stability" for Slack with product enhancements, sales investments, and easier compares setting the stage for "durable" revenue growth of 37% to 40%. Bracelin likes the setup for the shares into its fiscal 2021 with 24% of the float short and he tells investors to look to turn more aggressive after the Q4 print in March. Until then, the analyst sees "few catalysts to reverse negative sentiment." Bracelin keeps an Overweight rating on Slack Technologies with a $30 price target.
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