FiscalNote initiated with a Buy at Roth MKM

Roth MKM analyst Richard Baldry initiated coverage of FiscalNote with a Buy rating and $4.75 price target. The firm believes its recurring revenue model offers an attractive combination of good organic and acquisitive growth in the long-term. While stating that many “de-SPACs” lack fundamental value, the firm sees FiscalNote having a “uniquely valuable” Cloud Data Services franchise and believes the stock should “separate itself from the weaker de-SPAC crowd” in the second half and 2024.