Credit Suisse Maintains Outperform on Covisint, Drops PT to $17.00 from $18.00

In a report published Friday, Credit Suisse analyst Michael Nemeroff maintained Outperform on Covisint, Inc.

, dropping its target price to $17.00 from $18.00. According to the report, the analyst's $17.00 target price is based on a blended average using 50 percent of their discounted cash flow (DCF) valuation and 50% of their relative comparable multiples to its peers. “We believe that this target price and multiple are warranted due to our confidence that the company's previously signed ASR gives a high degree of visibility into future revenue growth, that it will continue to diversify its revenue base by successfully expanding its platform into new verticals, and that demand for PaaS in mature markets will increase over the next few years,” the report noted. COVS closed Thursday at $12.84.