FMP
Truist Securities Reiterates Buy Rating on Five9 Amid Activist Investor Push for Sale
Jul 12, 2024 1:52 PM - Davit Kirakosyan
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Truist Securities analysts reaffirmed their Buy rating and set a $100 price target on Five9 (NASDAQ:FIVN). Truist's comments followed reports from Reuters and other sources indicating that activist investor Anson Funds has acquired a stake in Five9 and is advocating for the company's sale. This isn't the first time Five9 has been at the center of buyout rumors; back on December 4, 2023, similar reports emerged, but Five9 issued a press release the next day denying any current pursuit of an acquisition, although they acknowledged being approached with an M&A opportunity.
The analysts emphasized that their Buy rating is not based on potential buyout scenarios but rather on Five9's ability to achieve its growth improvement targets in the second half of 2024 and to balance growth with enhanced profitability moving forward. They highlighted the company's unique value, especially given the strength of its enterprise contact center business and the growing revenue opportunities related to Generative AI and automation.
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