Oppenheimer Maintains Their Buy Rating on Model N (MODN)

By Carrie Williams

In a report released today, Koji Ikeda from Oppenheimer maintained a Buy rating on Model N (MODNResearch Report), with a price target of $23. The company’s shares closed on Friday at $14.17.

Ikeda noted:

“We recently met with Model N CFO David Barter and come away feeling more confident in: 1) the business’s positioning within its core life sciences and high-tech verticals; 2) the value proposition; and 3) management’s ability to execute its go- to-market strategy and achieve its FY2019 growth and profitability targets. Bottom line: We believe our MODN self-help and under-the-radar value-oriented turnaround thesis (see: Initiation Report) remains intact. Moreover, we think Street estimates for FY2019 are likely de-risked, which creates a favorable setup for the business to deliver consistency, visibility, and predictability in its upcoming quarterly reported results that should help increase management’s reputation as good operators. This should help improve investor sentiment on MODN and creates the potential for multiples expansion over time. Reiterate Outperform.”

According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 24.5% and a 68.4% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, BlackLine Inc, and SPS Commerce.

Model N has an analyst consensus of Moderate Buy, with a price target consensus of $21.50.

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The company has a one-year high of $20.33 and a one-year low of $12.60. Currently, Model N has an average volume of 235.1K.

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Model N, Inc. engages in the provision of revenue management cloud solutions for the life science and technology industries. It solutions include two complementary suites of software applications: Revenue Management Enterprise and Revenue Management Intelligence.