UPDATE: Canaccord Genuity Upgrades SPS Commerce to Buy on Business Outlook

Canaccord Genuity increased its rating on SPS Commerce SPSC from Hold to Buy and raised its price target from $25 to $45. Canaccord Genuity commented, "SPS Commerce shares have pulled back along with other well-positioned, “flywheel” companies with competitive moats around the business. Barring all but another stock market collapse, we expect SPSC shares to resume their advance, with a potential for a 25%+ gain over the next 9-12 months. This pause has given us an opportunity to raise our rating to BUY from Hold." SPS Commerce closed at $37.97 on Friday.