Piper Jaffray Initiates Coverage On SREV

Piper Jaffray, citing a rare combination of high growth and un-cyclicality, is initiating coverage on ServiceSource

with an Overweight rating and a price target set at $17. Says Piper Jaffray, in its report, “We expect ServiceSource to deliver rapid growth due to its disproportionate leadership position and its unique ability to drive renewal rates 15 percentage points higher on average. Our work suggests ServiceSource will exceed estimates near-term, while delivering a rare longer-term combination of un-cyclicality and high growth -- attractive characteristics for all stages of the economic cycle.” SREV closed at $12.90 yesterday.