Piper Jaffray analyst Mark Murphy this morning raised his rating on Kenexa (KNXA) to Overweight from Neutral, with a new price target of $29, up from $13. The HR software provider’s stock closed yesterday at $15.72.
“Our checks, conducted in the past two weeks, indicate KNXA sees a strengthening of trends with multiple big name-brand companies ‘on the one-yard line’ for signing large, multi-element transactions,” he writes in a research note. “Other contacts in the Kenexa ecosystem echoed the same sense of ‘more high-level discussions for full-suite deals’ in recent months. We expect this will drive accelerating revenue growth.”
KNXA is up $1, or 6.4%, to $16.72.
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