J.P. Morgan Maintains Overweight on Ariba

J.P. Morgan is out with its report today on Ariba ARBA, maintaining Overweight. In its report, J.P. Morgan writes, "We like Ariba's visibility-driving subscription business and its leadership in spend management. We believe there are a number of drivers in play for the network as participants are growing and there is a pricing increase. On top of that application subscription revenue we believe remains healthy and our channel checks are indicating that upsell and new sales are robust. As a result we believe revenue will continue to see growth and drive estimate revisions going forward." J.P. Morgan maintains a $38 PT on ARBA. Shares of ARBA closed Thursday at $31.64, up 0.44% from Wednesday's close.