UPDATE: J.P. Morgan Initiates RealPage with Neutral, Awaiting Positive Signs
In a report published Monday, J.P. Morgan analyst Lauren Choi initiated coverage on RealPage (NASDAQ: RP) with a Neutral rating and $22.00 price target.
In the report, Choi noted, “We are initiating on RealPage with a Neutral rating and $22 price target. RP has the largest and broadest property management software delivered through software as a service (SaaS) to the U.S. rental market, which is large and underpenetrated and still growing at 2-4% per year. More and more property managers need solutions to better manage residency lifecycle and the operations of their rental properties. But given a multi quarter deceleration in RP's revenue, we are looking for signs of stabilization or reacceleration before we get more constructive on the name.”
RealPage closed on Friday at $19.99.
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