We are increasing our rating to Buy from Hold and target price to $17.25 from $13.25 based as we see increasing signs of momentum in the business on multiple fronts. We are increasing the multiple to 10x 2020 EV/ sales. We recognize that this is aggressive vs historical ranges, but there is a healthy amount of remaining skepticism about the business among investors, and we think a turn in usage and revenues could translate into a meaningful re-rating higher.
Enjoying This Commentary? There's More to Love
Subscribe to MediaVillage to receive email alerts featuring the latest content on advertising, media/TV, and marketing strategies and trends, including exclusive The Myers Report research findings.