CCC Intelligent Solutions resumed with a Neutral at Citi

Citi analyst Tyler Radke resumed coverage of CCC Intelligent Solutions with a Neutral rating and $13 price target. CCC has continued to show “exceptional resiliency” post its listing with a countercyclical end-market and good execution, the analyst tells investors in a research note. However, the firm believes the shares are fairly valued at current levels, noting they trade at a premium to most vertical software stocks. Citi would look to get more constructive on a better entry point or signs of acceleration in emerging products potentially driving upside to estimates.