Blackline (NASDAQ: BL) stock jumped 5.2% after Piper Sandler upgraded the stock’s rating to Neutral and raised the price target from $55 to $62. The analyst cited improving cloud fundamentals at Blackline’s partner, SAP, as the reason for the upgrade. The stock has since cooled down to $60.87, up 4.1% from the previous close.
Piper Sandler upgraded BlackLine to Neutral from Underweight, citing improving cloud fundamentals at SAP. The price target was also raised to $62 from $55 due to BlackLine’s partnership with SAP, which drove 25% of BlackLine’s sales last year. SAP’s strong cloud backlog growth, coupled with its partnership with NVIDIA, is expected to accelerate growth at BlackLine.
