MODN - Goldman Sachs starts coverage on Model N with buy rating

2023-07-06 08:35:07 ET

• Investment firm Goldman Sachs started coverage on life sciences and high-tech software company Model N ( NYSE: MODN ) with a buy rating, citing its domain expertise.
• Analyst Adam Hotchkiss, who also put a $45 price target on Model N ( MODN ) shares, noted that the company has an end-to-end, cloud-based platform that helps life sciences and high-tech companies. When coupled with its more than two decades of operating history and "significant domain expertise," the future is bright for the company.
• "We see this domain expertise and operating history as critical differentiators for Model N, and further believe that broad-based customer transitions into the cloud will drive further cross-sell opportunities as increasing regulation necessitates closer analysis of highly complex, constantly evolving revenue streams," Hotchkiss wrote in an investor note.
• Model N ( MODN ) shares have lost 14.3% year-to-date, compared to a 16.3% gain for the S&P 500.

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