UPDATE: Bank of America Reiterates on E2open Following News of Accenture Partnership

In a report published Thursday, Bank of America analyst Kash Rangan reiterated a Buy rating on

, and raised the price target from $25.00 to $29.00. In the report, Bank of America noted, “EOPN's win with a large oil & gas company through its Accenture partnership is the company's largest ever initial deal signed and gives us further confidence around the company's product strategy. The fundamental thesis on EOPN is unchanged with the company still the first SaaS company delivering comprehensive solutions to the $10bn SCM market. "We are raising our PO from $25 to $29, based on a based on the equal-weighting of an 8x CY15 EV/rev multiple to reflect the higher comp group valuation and our updated venture capital valuation approach. For our VC-style valuation, we are modeling three different growth scenarios over an eight-year period with different FCF margins and EV/FCF multiples appropriate for the different terminal growth rates. We then assign probabilities to the three scenarios to obtain a weighted average fair stock price.” E2open closed on Wednesday at $26.84.