UPDATE: Canaccord Initiates Coverage on Demandware

According to a research report published this morning, Canaccord has initiated Demandware DWRE with a Buy rating and $32 PT. In the report, Canaccord stated, "There is significant value to being the largest and fastest growing next generation cloud eCommerce platform available for public investors. This describes Demandware now that the firm appears to have crossed the chasm to its “tornado of growth” phase. If we are correct that the firm has several rapid growth years ahead, then DWRE shares are likely to not only grow into today's high valuation, but to meaningfully outperform the market during this ramp phase." Demandware closed yesterday at $28.28.