PLAN - Anaplan shares pop 4% after Piper turns bullish on demand improvement

Expecting a "long overdue" back-office makeover in 2021, Piper Sandler upgrades Anaplan (PLAN) from Neutral to Overweight and raises the price target from $66 to $87, a 22% upside to Friday's close.Analyst Brent Bracelin says the back office shift over the next two years could accelerate adoption of connected real-time planning solutions.Improving hiring and partner discussions also hint at a demand recovery for Anaplan, writes Bracelin.PLAN shares are up 3.9% pre-market to $74.21.Last month, Needham named Anaplan its best idea for 2021 on the improving demand environment.

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Anaplan shares pop 4% after Piper turns bullish on demand improvement