NetSuite Will Continue To Be Most Successful Mid-Market SaaS Vendor

BMO analyst Keith Bachman initiated coverage on shares of NetSuite Inc. N with a Market Perform rating and $90 price target Tuesday afternoon.

Bachman said "NetSuite will continue to be the most successful SaaS vendor in mid-market solutions," but noted a belief "the stock will trade in a range."

"...we think the enterprise market is still out of reach for NetSuite and that it will most likely stay a mid-market player," according to Bachman.

He has modeled for sales growth of 31 percent for fiscal year 2016 and 28 percent in 2017, inline with the overall analyst consensus estimate.

Shares of NetSuite closed down 1.8 percent on Tuesday.