BlackLine stock price target maintained at $80 by Citizens JMP

Investing.com - Citizens JMP analyst reiterated a Market Outperform rating and $80 price target on BlackLine (NASDAQ:BL) on Thursday. Currently trading at $53.66, the stock appears undervalued according to InvestingPro’s Fair Value model, with analysts setting targets ranging from $48 to $80.

The firm cited BlackLine’s "powerful suite of invoice-to-cash and record-to-report solutions" that have become more accessible through the company’s Studio360 platform as a key reason for maintaining its positive outlook.

Citizens JMP noted that BlackLine addresses a substantial market opportunity estimated at $45 billion and praised the company’s artificial intelligence strategy with Verity, which could help drive Studio360 adoption and transition the company from seat-based pricing to a platform plus consumption model.

The firm also expressed confidence in BlackLine’s leadership team, including co-CEO Owen Ryan, Founder Therese Tucker, new Chief Commercial Officer Stuart Van Houten, and CFO Patrick Villanova, who previously served as Chief Accounting Officer.

Citizens JMP additionally highlighted BlackLine’s potential as "an attractive acquisition candidate," noting that Los Angeles-based private equity firm Clearlake Capital owns approximately 5.7 million shares, representing about 9% of the business.

In other recent news, BlackLine’s quarterly financial results have caught the attention of several analyst firms. BMO Capital raised its price target for BlackLine to $63, up from $60, while maintaining a Market Perform rating. This adjustment came after the company’s quarterly results, which BMO Capital described as indicative of stabilized growth. Goldman Sachs also adjusted its price target, increasing it to $48 from $45, following a quarterly report that showed revenue and profitability modestly exceeding expectations. DA Davidson noted that BlackLine’s second-quarter revenue slightly surpassed expectations, highlighting the strength in the company’s go-to-market investments. Meanwhile, Truist Securities reiterated its Hold rating with a $50 price target, focusing on BlackLine’s commitment to strategic initiatives. Cantor Fitzgerald maintained a Neutral rating with a $58 price target, emphasizing the potential of BlackLine’s new Verity AI tool. These developments reflect a range of perspectives on BlackLine’s financial health and strategic direction.

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