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.
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“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.
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