4 Out Of 7 Firms Initiate Bullish Coverage On Apptio Just 3 Weeks After Its IPO

Three weeks after Apptio Inc (NASDAQ: APTI) hit the capital markets, four of the seven brokerage houses covering the stock are Bullish. The other three remain Neutral.

The company, which is technology business management solutions provider, came out with an IPO on September 22 with a price range of $13–$15. However, the company priced its 6.0 million offering at $16 a share on September 23. The stock opened 47 percent higher than the IPO price.

Since then, the stock has traded between $18.78 and $24.60 with a return of 17.4 percent to 53.7 percent. Based on the current price target set by different brokerages, the least upside potential is about 3 percent and the biggest reward is about 42.5 percent.

Related Link: Apptio's Value Is In Its Ability To Address Real Problems

The following brokerages are Bullish:

• Bank of America initiated with a Buy rating and $26 as the price target.
• Jefferies started with a Buy rating with a target price of $29.
• RBC Capital started the stock with an Outperform rating and $23 as the price objective.
• Pacific Crest initiated with an Overweight rating and a price target of $26.

The following brokerages remain Neutral:

• JPMorgan started with a price tag of $23 and a Neutral rating.
• Goldman Sachs Group sets a price objective of $21 with a Neutral rating.
• Barclays commenced with a Equal-Weight rating and a target price of $23.

At last check, Apptio was down 1.66 percent at $20.18.

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