Fiverr initiated with a Buy at BTIG

BTIG analyst Marvin Fong initiated coverage of Fiverr with a Buy rating and $50 price target. The analyst views Fiverr as the "purest way to play the attractive online freelancing opportunity with the lowest execution risk." The pullback in the stock "belies the substantial improvement in fundamentals," which include revenue for 2023 tracking over 60% higher than was expected before the pandemic, the analyst tells investors in a research note. The firm believes the shares are at an attractive level with 45% upside potential.