Instructure initiated with a Buy at Needham

Needham initiated coverage of Instructure with a Buy rating and $32 price target. The company is an annovative provider of cloud-based learning management for academic institutions across higher education and K-12, and given its market-leading position in domestic higher education and K-12 and a 14- month federal funding tailwind, it should gain share and drive growth via cross-sell/upsell in what should be a consolidating market, the analyst tells investors in a research note.