In a report released yesterday, Keith Bachman from BMO Capital reiterated a Hold rating on N-able (NABL – Research Report), with a price target of $14.00.
Keith Bachman arrived at his Hold rating for N-able (NABL) through a comprehensive analysis of various factors. He acknowledged that the company’s reported quarterly results for September and the projected results for December were reasonable. However, despite NABL’s increased estimates, management’s reiteration of its FY23 CC revenue growth guidance of 13% year over year, and a slight decrease in Bachman’s December quarter CC revenue growth estimate, his overall sentiment remains unchanged.
Bachman affirms that NABL has considerable potential for growth in the long term, particularly with its expanding portfolio, including its new MDR offering. Nevertheless, his concerns about the sustainability of the SMB strength into CY24 have led him to maintain his ‘Market Perform’ rating. Furthermore, he lowered the target price to $14, down from $15. Bachman also mentioned NABL’s robust billings growth and the company’s resilience in a large, healthy market with promising growth drivers. In spite of these positive factors, he is maintaining a cautious approach, waiting for more concrete evidence of revenue growth durability.
According to TipRanks, Bachman is a 5-star analyst with an average return of 7.6% and a 57.89% success rate. Bachman covers the Technology sector, focusing on stocks such as Adobe, Microsoft, and Palo Alto Networks.
In another report released yesterday, J.P. Morgan also maintained a Hold rating on the stock with a $14.50 price target.
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N-able (NABL) Company Description:
N-able Inc empowers managed services providers (MSPs) to help small and medium enterprises navigate the digital evolution. Its flexible technology platform and powerful integrations help MSPs to monitor, manage, and protect their end customer systems, data, and networks. Its portfolio of security, automation, and backup and recovery solutions is built for IT services management professionals.
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