In a report released today, Brent Bracelin from KeyBanc maintained a Buy rating on MINDBODY (NASDAQ: MB), with a price target of $47. The company’s shares opened today at $40.70.
Bracelin said:
“We built a new bottom-up model that factors in new disclosures on double-digit growth in storefronts with $125+ in MRR and Booker financials. It exposes a new Beauty segment that is poised to nearly quadruple to $90M, or 22% of sales, in 2020 from $22M, or 12% of sales, last year. Assuming mid-20% growth is sustainable within Fitness after overhauling the sales team last year, we see overall revenue doubling to $400M+ by 2020. Despite higher Booker integration risk this summer, we would remain buyers of MB on a promising three-year view. Beauty segment could nearly quadruple to $90M by 2020. Our new bottom-up model that we are publishing today implies the Beauty segment could grow from $22M, or 12% of sales last year on 8K storefronts, to $90M, or 22% of sales, by 2022 on 25K storefronts, including 10K Booker storefronts.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 23.2% and a 78.5% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
MINDBODY has an analyst consensus of Moderate Buy, with a price target consensus of $45.
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Based on MINDBODY’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $1.69 million. In comparison, last year the company had a GAAP net loss of $3.91 million.
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MINDBODY, Inc. enganges in cloud based business management software and payments platform. It provides the following solutions: client scheduling and online booking, staff management, client relationship management, integrated software and payments, retail point-of-sale, analytics and reporting, simple and intuitive user experience, mobility, social integration, dynamic cloud-based architecture, open platform for third party application development, security and compliance, and integration with other cloud-based partners. The company was founded by Robert Murphy and Richard L. Stollmeyer in 1998 and is headquartered in San Luis Obispo, CA.
