Credit Suisse Initiates Coverage On Yodlee

On Tuesday, the sell-side quiet period expired on shares of Yodlee Inc (NASDAQ: YDLE).

Following the expiration, analysts at Credit Suisse initiated coverage with an Outperform rating and $17 price target.

Michael Nemeroff finds that Yodlee trades at a discount to "the vertical SaaS/subscription software peer avg. of 4.7x. Despite the modestly slower total revenue growth. We view YDLE's risk/reward profile as favorable and assign a $17 TP, which implies a 2015E EV/sales multiple of 4.5x, a more modest discount than currently implied."

Moreover, analysts find "YDLE will continue to grow its share of the estimated 2B+ non-unique addressable user TAM, due to further penetration into its existing customers and significant new customer wins."

Shares of Yodlee recently traded at $15.80, up 8 percent.