2023-06-26 13:06:40 ET
Shares of Weave Communications ( NYSE: WEAV ) jumped 7% on Monday, after Loop Capital upgraded the infrastructure software company to "Buy" from "Hold" and increased the PT to $13.
Brokerage's PT represents a premium of 42.4% to Weave's last close.
Loop Capital believes several factors needed to move Weave's shares appear to be in line and sustainable over the long term.
Brokerage said Weave has now become an execution story, rather than the transition and turnaround story it had been for the past 18 months.
It believes Weave's sales team is hitting its stride, and is set to accelerate revenue growth at the company. Loop Capital is of the opinion that Weave is nearing profitability.
For further details see:
Weave Communications jumps on double upgrade from Loop Capital