The firm upgraded Five9, which provides cloud software services to customer contact centers, to buy from hold.
It also raised its price target to $80 from $75, implying 20.4% upside from where shares closed Wednesday. "Simply put, we believe momentum from recent bookings strength is likely to re-accelerate revenue growth, with current valuation that is roughly half of year ago levels ," analyst Matt Niknam said.
mountain FIVN — CNBC's Michael Bloom contributed to this report.
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