Globe says Coveo Solutions reaffirmed at "buy"
2022-02-09 05:17 ET - In the News
The Globe and Mail reports in its Wednesday, Feb. 9, edition that Canaccord Genuity analyst David Hynes has reaffirmed his "buy" call for Coveo Solutions. The Globe's David Leeder writes that Mr. Hynes trimmed his share target by $3 to $15. Analysts on average target the shares at $16.83. Mr. Hynes says in a note: "If we step back, there's a lot of money being put into technologies that improve key customer touchpoints and, in our view, there are really none more important than commerce and support. Coveo's AI-driven search relevance platform helps to drive better user experiences, higher conversion rates, enhanced self-service, supports agent efficiency, etc. -- all pretty important improvements. And then when you look at a customer roster that includes the likes of Salesforce, Dell, Workday, Xero, Ecolab, Acuity, Rolex, Comcast, Bain, etc. you start to get the sense that Coveo is solving important problems for some really big companies. As this value is better realized inside these large organization, we think there's a path to improved net revenue expansion and sustainably faster growth from here. It's our view that Coveo should be a 35-per-cent-plus subscription grower for at least the next few years."
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