Domo (DOMO) – Get Report was climbing Friday after a Cowen analyst raised his price target on shares of the cloud software company to $50 from $42, saying he’s heard about a very large deal in the pipeline.
Shares of the Silicon Slopes, Utah-based company were climbing 9.8% to $40.92.
Analyst J. Derrick Wood kept his outperform rating on the company, noting Domo’s robust billings, which could lead to a re-rating of the stock’s multiple if it continues.
Wood, one of several analysts boosting their firm’s share price targets, said Domo’s “business is dramatically improving”and added that he is hearing of a very large deal in the pipeline that he does not think is in the company’s guidance.
Domo beat Wall Street’s second-quarter estimates, posting total revenue of $51.1 million, up 23% from a year ago. Subscription revenue was $44.3 million, the company said, up 27% year over