UPDATE: Canaccord Genuity Raises PT on E2open Due to Solid Quarter

In a report published on Thursday, Canaccord Genuity analyst Richard Davis raised the price target on E2open (NASDAQ: EOPN) from $18 to $20 and maintained a Buy rating on the company.

In the report, Canaccord Genuity commented, "EOPN's solid quarter, positive commentary on business outlook, and our view that growth will be modestly better than our previous forecast are likely enough to drive the shares higher at least in line with subscription revenue growth of about 25% longer term. Reiterate BUY, increase target to $20. A solid quarter: slight revenue and EBITDA upside. Non-GAAP revenues and adjusted EBITDA loss of $16.1M and ($3.6M) were respectively $0.3M and $0.9M ahead of our estimates. Subscription revenue grew 26% y-o-y (slightly better than forecast) and total revenues were up 4% as the firm's transition of implementation services to partners will be a near-term drag on overall growth. FCF loss of ($3.3M) was in line with our estimate and bookings in the quarter were skewed slightly towards upsell into existing customers versus new logos (EOPN signed 4 new customers in the quarter)."

E2open closed on Thursday at $17.41