UBS Upgrades SurveyMonkey (SVMK) to Buy

UBS analyst Eric Sheridan upgraded SurveyMonkey (NASDAQ: SVMK) from Neutral to Buy with a price target of $24.00 (from $18.00).

The analyst comments "After another positive earnings report & robust forward mgmt commentary, we upgrade SVMK from Neutral to Buy and raise our PT from $18 to $24. Since its IPO, SVMK mgmt has executed on a mix of enterprise sales & self-serve sales tools, allocated capital to M&A in a way to deepen the product offerings & successfully partnered with companies like CRM & MSFT to widen the market opportunity. Against that backdrop, SVMK's business model continues to demonstrate pricing power, increased customer spend & higher customer retention – in our view, investors should find that dynamic very compelling. On the back of all of those initiatives, we now have greater confidence that SVMK will maintain 20%+ revenue growth over the next five
years (re-visiting pivotal question #1 from our initiation)."

For an analyst ratings summary and ratings history on SurveyMonkey click here. For more ratings news on SurveyMonkey click here.

Shares of SurveyMonkey closed at $17.99 yesterday.

You May Also Be Interested In

• UBS Downgrades EasyJet Plc. (EZJ:LN) (ESYJY) to Neutral
• Evercore ISI Upgrades Owens Corning (OC) to Outperform
• Jefferies Assumes Allied Blenders (ABDL:IN) at Buy