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Investing.com - Piper Sandler raised its price target on EverCommerce Inc (NASDAQ:EVCM) to $10.00 from $9.00 on Friday, while maintaining a Neutral rating on the stock. The company’s shares currently trade at $11.28, having surged about 13% in the past week. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The research firm cited EverCommerce’s second-quarter results, which showed modest upside across both top and bottom lines, with revenue exceeding expectations by $2 million or 1% and EBITDA coming in $4.5 million above forecasts. While currently unprofitable, InvestingPro data indicates analysts expect the company to turn profitable this year, with a healthy current ratio of 2.37x suggesting strong liquidity position.
Piper Sandler highlighted a sharp spike in customers utilizing more than one solution, which grew to 112,000, representing 29% year-over-year growth, despite some residual onboarding processes still needing completion.
The firm noted this increase in multi-solution customers could potentially accelerate Total (EPA:TTEF) Payment Volume (TPV) and payments revenue, which it views as crucial for the company’s valuation prospects.
Piper Sandler identified EverCommerce’s current high-single-digit overall pro forma growth rate as the biggest hurdle for the company to capture any multiple expansion, and will continue monitoring the multi-solution customer and payment revenue metrics for signs of acceleration.
In other recent news, EverCommerce Inc. reported impressive financial results for the first quarter of 2025, surpassing market expectations. The company achieved an adjusted EBITDA of $44.9 million, exceeding the consensus estimate of $40.3 million, resulting in a 31.6% adjusted EBITDA margin. Pro forma revenue was reported at $142.3 million, which also topped the consensus forecast of $139.5 million, marking a 7% year-over-year increase. In corporate governance developments, EverCommerce held its 2025 Annual Meeting of Stockholders, where shareholders elected two Class I directors, Penny Baldwin-Leonard and Eric Remer, to serve until 2028. Additionally, Amy Guggenheim Shenkan was appointed to the Board of Directors as a Class II director and will serve on the company’s Audit Committee. In financial restructuring news, the company refinanced its $529.4 million term loan facility with a new class of Term B-2 Loans, extending the maturity to July 6, 2031, and reducing the interest rate by 25 basis points. Citizens JMP maintained a Market Outperform rating on EverCommerce, setting a price target of $15.00, reflecting confidence in the company’s performance.
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