In a report released yesterday, Brett Knoblauch from Cantor Fitzgerald maintained a Buy rating on Similarweb (SMWB – Research Report), with a price target of $10.00.
Brett Knoblauch has given his Buy rating due to a combination of factors that he believes will not significantly affect Similarweb’s operations despite the current conflict in Israel, where the company is headquartered. Knoblauch notes that Similarweb has taken a hit in share price due to investor concerns about the crisis, but he attributes this primarily to the market’s risk-off stance and not to any direct impact on the business.
He points out that even though a large portion of Similarweb’s workforce is based in Israel, the company’s revenue generation is largely global, with only 1.5% coming from Israel in 2022. Additionally, Similarweb’s software platform, which is hosted on Amazon’s AWS in multiple U.S. locations, is unlikely to be disrupted by the crisis. Knoblauch also highlights the company’s business continuity measures, which include operating fully remote and reallocating the work of employees called to reserves. He believes the market is underappreciating the growth potential of Similarweb’s business, especially considering his view that revenue growth could reaccelerate once the macro environment improves.
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Similarweb (SMWB) Company Description:
Similarweb Ltd provides a platform for digital intelligence, delivering a view of the digital world that empowers its customers to be competitive in markets.
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