In a report released today, Brent Bracelin from KeyBanc initiated coverage with a Buy rating on Slack Technologies Inc (WORK) and a price target of $44. The company’s shares closed yesterday at $34.75, close to its 52-week low of $33.37.
Bracelin observed:
“We are initiating coverage of WORK at Overweight based on the potential to become an automation platform for the middle-office where revenue could eclipse $3B within five years and $10B within ten years. a new product category that challenges e-mail. Slack has redefined digital work via persistent workspaces called channels, which is beginning to challenge e- mail as the primary method for digital communications, allowing easy collaboration and information sharing. In a short span of five years, revenue has surged to a $539M run- rate exiting the January-ending quarter driven by an estimated 95K paid customers and a large freemium base of over 500K customers.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 31.9% and a 77.8% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.
Currently, the analyst consensus on Slack Technologies Inc is a Strong Buy with an average price target of $40, implying a 15.1% upside from current levels. In a report issued on July 11, Stephens also initiated coverage with a Buy rating on the stock with a $43 price target.
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The company has a one-year high of $42 and a one-year low of $33.37. Currently, Slack Technologies Inc has an average volume of 18.07M.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock.
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Slack Technologies, Inc. develops and publishes real-time collaboration applications and platforms. It provides engineering, sales, marketing, IT, project management and human resources solutions.
