Five9 price target raised to $84 from $77 at Piper Sandler

Piper Sandler raised the firm’s price target on Five9 to $84 from $77 following its recent second half of 2023 “Making Contact With Contact Centers Survey,” and citing both a multiple basis and slightly higher free cash estimates. The rationale for the higher estimates primarily stems from our recent survey work and belief that barring any further headwinds to the macro-environment, Five9 could be in a position to re-accelerate in CY24, Piper says. Additionally, the firm sees upside to Street’s free cash flow estimates, but notes that at current valuation, Five9 is trading at less 25-times its 2025 free cash flow for a likely at least a sustained mid-teens grower. Piper keeps an Overweight rating on the shares.