AVLR - Mizuho sees 30% upside in software firm setting up as worldwide compliance platform

One business software provider ended the regular session flat, despite some sharp extended-session gains following its second-quarter earnings. But Mizuho wasted no time moving to a Street-high price target as the company moved toward becoming a "global compliance platform." Avalara (NYSE:AVLR) stock moved up in high single digits postmarket yesterday after growing its revenue 45% and topping profit expectations for Q2. Those gains petered out as today went on, to wrap up three pennies lower than yesterday's close. But the results, and some raised guidance, "demonstrate success in its strategy to move up/down market and international, and becoming a multi-product platform," Mizuho's Siti Panigrahi and team write. The company "handily" beat consensus on total revenue, subscription revenue, and adjusted EPS, they say. Operating margin was also better than expected amid the revenue beat, and operating cash flow that was expected to come in at $7M actually landed at $26M. Meanwhile, net

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Mizuho sees 30% upside in software firm setting up as worldwide compliance platform