Five9 cheap valuation raises Buy rating conviction, says Canaccord

Canaccord met with Five9 managment who said it’s never been a better time to be selling cloud contact center in the enterprise, the firm’s new business momentum and pipeline continues to track well supported by its second-best bookings quarter ever in Q2, but the macro continues to weigh on growth in the base, which is largely out of the team’s control. Canaccord said its valuation is getting too cheap at current levels which raises their conviction in their Buy rating and $90 price target on Five9 shares.