UPDATE: Goldman Sachs Initiates Coverage on Cvent on Dominant Vertical Position
In a report published Tuesday, Goldman Sachs analyst Greg Dunham initiated coverage on Cvent (NYSE: CVT) with a Neutral rating and $35.00 price target.
In the report, Goldman Sachs noted, “Cvent's Software-as-a-Service platform is disrupting the $565bn meetings and events industry for both buyers (i.e., corporations and associations) and the suppliers (hotels and venues). The company has carved out a dominant vertical position, getting economics on both sides, and is solidifying its leadership with integrated solutions. Cvent's success has driven profitable growth since 2007 (averaging mid 30%s revenue growth and 20% plus EBITDA margins). Despite our positive fundamental view, at 10x 2014 EV/revenues versus the group at 8x, we see limited near-term potential for stock outperformance.”
Cvent closed on Friday at $35.61.
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