UPDATE: Oppenheimer Initiates Coverage on Demandware

According to a research report published this morning, Oppenheimer has initiated Demandware

with an Outperform rating and $35 PT. "Led by an experienced management team, DWRE is targeting a large and rapidly growing market via multiple growth avenues. The company provides differentiated software-as-a-service (SaaS) technology that enables customers to easily design, implement and manage their own customized e-commerce sites, including websites, mobile applications and digital storefronts. DWRE's SaaS financial model provides meaningful top-line visibility, and proprietary technology creates a formidable barrier to entry," Oppenheimer said in the report. Demandware closed yesterday at $28.28.