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On Friday, Truist Securities analysts reiterated their Buy rating for ServiceTitan stock (NASDAQ: TTAN) while maintaining a price target of $120.00. The company, currently valued at $10.26 billion, has demonstrated robust growth with revenue increasing nearly 26% in the last twelve months. The analysts highlighted ServiceTitan’s strong first-quarter results, which exceeded their estimates.
ServiceTitan has shown positive progress in four key strategic areas: expanding enterprise capabilities, Pro product adoption, commercial expansion, and roofing growth. Notably, the company achieved four significant go-lives in the commercial sector and secured a customer with over 80 locations in the roofing segment. According to InvestingPro analysis, while the company isn’t currently profitable, analysts expect it to achieve profitability this year.
The company’s guidance was also adjusted higher than previous estimates, reinforcing confidence in its long-term growth potential. Analysts at Truist Securities expressed increased confidence in ServiceTitan’s sustainable growth prospects. InvestingPro data reveals analyst targets ranging from $90 to $145, with 6 additional exclusive insights available to subscribers.
ServiceTitan’s shares were trading around $114.55, showing strong momentum with a 13.4% return over the past six months and currently trading near its 52-week high of $131.33. Truist Securities remains optimistic about the company’s future performance, suggesting potential buying opportunities on any market weakness.
In other recent news, ServiceTitan reported impressive first-quarter results, showcasing a 27% year-over-year platform growth, which exceeded analysts’ expectations. The company’s operating margin improved significantly to 7.5%, contributing to a $0.07 earnings per share beat relative to Piper Sandler’s estimates. ServiceTitan also raised its full-year revenue guidance, with subscription revenue growing by 29.1%. Analysts from KeyBanc and Needham maintained their Overweight and Buy ratings, respectively, both with a $140 price target, highlighting the company’s strong financial performance and growth potential. Loop Capital increased its price target to $100 from $90, noting strong business momentum driven by a successful product-led growth strategy. Despite some concerns from Goldman Sachs regarding a slowdown in subscription and usage revenue growth, the firm maintained a Neutral rating with a $110 price target. ServiceTitan’s expansion into new trades and strategic partnerships, such as those with GAF and EagleView, are seen as key drivers for future growth. The company’s recent strategic moves, including launching four major accounts and securing a significant contract with a large residential roofing business, further underscore its potential in the vertical SaaS market.
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