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Analysts Cheer Anaplan's Q2 Earnings By Raising Price Targets

Analysts celebrate Anaplan Inc's (NYSE: PLAN) 

Benzinga · 09/01/2021 13:43

Analysts celebrate Anaplan Inc's (NYSE:PLANQ2 beat with an increased price target (PT).

  • Barclays analyst Raimo Lenschow raised the price target (PT) to $82 from $70, implying a 36.7% upside, and reiterated an Overweight. 
  • The company's billings acceleration of 36% year-over-year was well above consensus expectations of 28%, Lenschow notes. He increased the price target to reflect higher software valuations and positive estimate revisions.
  • Piper Sandler analyst Brent Bracelin raised the PT to $77 from $67, signifying a 28.4% upside, and affirmed an Overweight. 
  • Bracelin increased revenue estimates by $16 million in 2021 and $19 million in 2022 on improving demand fundamentals.
  • Mizuho analyst Siti Panigrahi raised the PT to $90 from $70, indicating a 50.1% upside, and maintained a Buy. 
  • Panigrahi highlighted the recovery in enterprise IT spend and strong execution across geographies. He believes Anaplan benefits from the growing demand for connected planning solutions and accelerated digital transformation in 2021.
  • Jefferies analyst Brent Thill raised the PT to $85 from $70, suggesting a 41.7% upside, and maintained a Buy.
  • Thill is positive on new CFO Vikas Mehta and expects "continued execution improvements." Strength in expanding deals and increased demand for supply chain, sales performance management, and workforce planning drove the beat.
  • Goldman Sachs analyst Kash Rangan raised the PT to $67 from $59, implying an 11.7% upside, and reiterated a Neutral. 
  • Rangan remains Neutral due to the potential for incremental competition in the market longer-term and prefers to own Workday Inc (NASDAQ:WDAY) for exposure to increasing digitization within the office of the CFO.
  • Price Action: PLAN shares traded higher by 12.90% at $67.74 in the market session on the last check Wednesday.