UPDATE: Stifel Initiated Coverage on Cvent with Buy Rating, $41 PT on Market Forefront Position

In a report published Tuesday, Stifel analyst Tom Roderick initiated coverage on

with a Buy rating and $41.00 price target. In the report, Stifel noted, “We believe that the market for Event Management software is still in the early stages, with Cvent at the forefront of the evolution. While organizations slowly but steadily begin to steer their Event and Planning personnel away from manual procedures and in-house customized work-arounds (i.e., Excel), Cvent represents the most viable and innovative vendor, in our view, to take them to the next step. As Event Management further unfolds, mobile solutions and ticketing modules represent yet another wave of unpenetrated adoption that Cvent is well prepared to attack.” Cvent closed on Friday at $35.61.