Shares of Slack Technologies (NYSE: WORK) rose as much as 11.3% on Tuesday morning, hanging around just below the 11% mark at 2:45 p.m. EST. The business collaboration software expert was boosted by a bullish analyst report.
Analyst firm RBC Capital started coverage of Slack this morning with an "outperform" rating on the stock and a price target of $25 per share. That's 19% above Monday's closing price. RBC analyst Alex Zukin cited Slack's market-leading brand power and unique technology, arguing that the company should be able to post revenue growth near 30% a year for the foreseeable future.
Will Microsoft help or hurt Slack as the collaboration market evolves? Image source: Getty Images.