UPDATE: Stifel Upgrades Blackbaud on Good Market Position
In a report published Tuesday, Stifel analyst Tom Roderick upgraded the rating on Blackbaud (NASDAQ: BLKB) from Hold to Buy, and named a $51.00 price target.
In the report, Stifel noted, “For over 7 years, we have covered Blackbaud with a Hold rating. Throughout those years, Blackbaud has delivered consistent - if not impressive - results, while steadily working to expand and upgrade its product portfolio. In more recent quarters, our enthusiasm for the Convio acquisition has been tempered by a challenging integration process and a pipeline slowdown in 2H12 driven, in large part, by an extended DOJ review of the merger itself. However, following a recent deep dive on the model, strategy and product roadmap we have come away far more constructive on the prospects for gradual top-line acceleration paired with steady margin expansion for the next 3-5 years. We see a variety of catalysts that could boost the stock as the company embarks on a multi-year transition to a pure SaaS model, and we further see a patient installed base that will allow Blackbaud to make this transition in a paced manner. As such, we are upgrading to a Buy rating and introducing a $51 price target on shares of BLKB.”
Blackbaud closed on Monday at $35.15.
Latest Ratings for BLKB
|Oct 2016||JMP Securities||Initiates Coverage On||Outperform|
|Jun 2016||Evercore ISI Group||Initiates Coverage on||Hold|
|Mar 2016||Pacific Crest||Initiates Coverage on||Sector Weight|
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