Anaplan Inc. (PLAN) PT Raised to $70 at Mizuho Securities

Mizuho Securities analyst Siti Panigrahi raised the price target on Anaplan Inc. (NYSE: PLAN) to $70.00 (from $60.00) while maintaining a Buy rating.

The analyst commented, "Anaplan reported strong FQ3 results, exceeding consensus expectations and raising guidance, primarily driven by robust execution, increased sales force efficiency and strong up- and cross-selling into the installed base. Management's preliminary FY 2021 guidance appears conservative given the strong RPO results, and we believe the company has a long runway for growth driven by increasing adoption of its next-gen planning tool, share gains in a large $22 billion TAM, and strong execution by a seasoned management team. We reiterate our Buy rating and increase our price target to $70 (previously $60)."

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