PLAN - Anaplan named 'best idea' for 2021 joins Conviction LIst at Needham; PLAN +3%

Seeing an improved demand environment in 2021, Needham raises Anaplan's (PLAN) price target by $10 to the Street-high $95.Analyst Scott Berg, outlining the firm's "2021 best idea": "Our industry work suggests that demand for Anaplan's leading Planning platform will climb in 2021, as this year's economic slowdown convinced companies to free up the time and resources companies needed to replace lagging legacy solutions that were ill-equipped to deliver business data during the most critical time periods in the pandemic. We believe recent acceleration in the company's billings growth rate supports our view that new logo demand will climb in 2021."The analyst says the demand improvement will join the more profitable operating model and a compelling valuation" to deliver an upside versus PLAN's peers.Berg also names PLAN to the firm's Conviction List, replacing Upland Software.Anaplan shares are up 3% pre-market to $74.99.Last week, Evercore named Anaplan among its top software picks for 2021.

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Anaplan named 'best idea' for 2021, joins Conviction LIst at Needham; PLAN +3%