Shares of Similarweb Ltd 
SMWB have climbed almost 77% year to date.
The company’s revenue growth is accelerating, “driven by returning demand and abating down sell activity,” according to Needham.
Analyst Scott Berg initiated coverage with a Buy rating and price target of $11.
The Similarweb Thesis: Apart from revenue growth, the company’s operating model is driving “rapidly improving profitability,” Berg said in the initiation note.
Check out other analyst stock ratings.
“We believe Similarweb is an early leader in the web analytics space possessing a deep and differentiated data asset it can monetize through five unique SaaS applications,” the analyst stated.
“With almost all B2C (business to consumer) and B2B (business to business) commerce continuing to evolve towards heavier digital channel engagement, we view Similarweb’s TAM (total addressable market) as sufficiently large to drive durable revenue growth through at least the intermediate term,” he further wrote.
Price Action: Shares of Similarweb had risen by 1.31% to $9.29 at the time of publication on Monday.
Read More: Decoding 21 Analyst Evaluations For Monday.Com
Latest Ratings for SMWB
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Feb 2022 | Barclays | Upgrades | Equal-Weight | Overweight |
| Jan 2022 | Jefferies | Maintains | Buy | |
| Jun 2021 | Oppenheimer | Initiates Coverage On | Outperform |
View More Analyst Ratings for SMWB
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Login or create a forever free account to read this news
