Equity analysts on the Street made a series of target price changes to TSX-listed information technology stocks on Wednesday.
In a research note previewing 2021, CIBC World Markets’ Stephanie Price said: “Software and services stocks had a strong 2020, with our coverage up an average of 60 per cent as investors gravitated towards stocks that were able to execute on elevated demand through the pandemic. With a vaccine rollout underway, our top picks for 2021 are Kinaxis (pandemic tailwinds leading to accelerated supply chain digitization) and Morneau Shepell (benefiting from the post-COVID re-opening).”
Ms. Price made these alterations:
- Docebo Inc. “outperformer”) to $98 from $69. The average is $79.38.
TD Securities’ Daniel Chan made these changes:
- Docebo Inc. to $100 from $77 with a “buy” rating.
After coming off restriction following their recent U.S. listing, Scotia Capital’s Paul Steep resumed coverage of Docebo with a “sector perform” rating and $78 target, up from $58.
Canaccord Genuity’s Robert Young raised his target for Docebo shares to US$70 from $70 (Canadian), keeping a “buy” rating.
The company has recently completed a U.S. listing of shares under the DCBO ticker, issuing 3.45M shares and raising gross proceeds of $166-million,” he said. “The transaction strengthens Docebo’s balance sheet and adds flexibility for growth initiatives while broadening investor access. We remain positive and confident in the company’s growth outlook. Docebo has exceeded expectations with 50-per-cent-plus ARR growth and better-than-expected results in each of the five quarters reported since its October 2019.”