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UPDATE: Piper Jaffray Initiates Model N with Neutral on Potential Near-Term Upside, Low Gross Margins

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In a report published Monday, Piper Jaffray analyst Mark R. Murphy initiated coverage on Model N (NYSE: MODN) with a Neutral rating and $22.00 price target.

In the report, Murphy noted, “Model N is the leading provider of Revenue Management solutions optimized for life sciences and high tech manufacturers. While we see potential near-term upside to estimates, MODN shares are up 52% from the midpoint of the IPO pricing range and are being valued similarly to our comparables list despite Model N's lower gross margin profile. The average EV/2014 sales multiple for our comparables group is 3.6x. We apply the same multiple of 3.6x EV/2014 sales to calculate our MODN price target.”

Model N closed on Friday at $20.54.

Latest Ratings for MODN

DateFirmActionFromTo
Oct 2018OppenheimerInitiates Coverage OnOutperform
Jul 2018NeedhamInitiates Coverage OnBuy
Feb 2018JMP SecuritiesUpgradesMarket PerformMarket Outperform

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Posted-In: Piper JaffrayAnalyst Color Initiation Analyst Ratings

 

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