FMP
Five9 Earns a Double Upgrade at BofA Ahead of Q2 Earnings
Aug 5, 2024 6:25 PM - Davit Kirakosyan(Last modified: Aug 6, 2024 12:15 AM)
Image credit: FMP
BofA Securities analysts upgraded Five9 (NASDAQ:FIVN) to Buy from Underperform, maintaining a price target of $63, ahead of the company’s Q2/24 earnings report, scheduled to be released on Thursday.
The analysts cited a compelling risk/reward profile and view advancements in artificial intelligence as significant near- and medium-term benefits for the company. They believe that competitive and market-related threats are already priced into the stock, which they think is currently undervalued. Additionally, BofA sees potential upside from strategic actions that the company might take. Despite some warranted multiple compressions, the analysts argue that the stock’s current level suggests limited competitive differentiation and growth levers, views they firmly disagree with.
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