UPDATE: Credit Suisse Initiates Coverage on Cornerstone OnDemand at Outperform

Credit Suisse initiated coverage on Cornerstone OnDemand

at an Outperform rating and a $28 price target. Credit Suisse commented, “We Initiated Coverage of Cornerstone OnDemand with an Outperform Rating and $28 Target Price on July 19, 2012: Management's commitment to organic product development in the enterprise business should begin to matter more, as customers will increasingly seek best-of-breed integrated HCM solutions and grow more skeptical of the large-cap incumbents with their patchwork of acquired products. We believe CSOD's organic product strategy positions it to gain market share and to continue its fast billings growth over the next few years.” Cornerstone OnDemand closed at $24.61 on Friday.