UPDATE: JG Capital Raises PT to $44 on Cornerstone OnDemand on Industry Consolidation, TAM Catalysts
JG Capital maintained Cornerstone OnDemand (NASDAQ: CSOD) with an Overweight rating and raised the price target to $44.00.
JG Capital commented, "We are raising our PT to $44, reflecting strong demand for CSOD's SaaS-based learning, performance and recruiting apps. We continue to believe pricing power has improved for CSOD. We think the consolidation in CSOD's market, namely Oracle/Taleo (ORCL;OW), SAP/SuccessFactors (SAP; N/R) and IBM/Kenexa (IBM; N/R), continues to benefit CSOD in terms of win rates. In terms of the TAM, we think there are a total of ~400M global seats with 8% penetration or 50M seats of which CSOD has 10.5M or ~20% market share."
Cornerstone OnDemand closed at $35.15 on Wednesday.
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