Citi Opens 90-Day Upside Catalyst Call on on BlackLine (BL)

Citi analyst Steven Enders reiterated a Buy rating and $73.00 price target on BlackLine (NASDAQ: BL).

The analyst comments "We believe investor sentiment on BL is overly negative with concerns of a potential guide down for ‘25 vs. cons yet we believe fundamentals have improved in 4Q driven by an expanded relationship with SAP, new products/packaging rolling out to support growth, and recent go-to-market changes that should help improve retention in ‘25. We see the upcoming Q4 earnings (likely mid-Feb) as supporting our view with limited risk as the company has already pre-announced positively for 4Q and with sentiment fairly negative (highest days to cover in our Fins coverage). Our conversations with partners have outlined better deal momentum in 4Q and that continuing into 1Q while our analysis of web traffic trends has shown an improvement in underlying user growth in 4Q (from negative y/y growth to positive) that further supports our call."

For an analyst ratings summary and ratings history on BlackLine click here. For more ratings news on BlackLine click here.

Shares of BlackLine closed at $60.46 yesterday.

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