Intapp initiated with a Buy at Citi

Citi analyst Steven Enders initiated coverage of Intapp (INTA) with a Buy rating and $57 price target. The analyst sees Intapp as an underappreciated vertical software-as-a-service in the financials and legal sectors with a leading brand and a broad set of software. A new early-stage Microsoft (MSFT) partnership could likely expand distribution and drive upside to annual recurring revenue, while management’s new focus on efficiencies should support margins longer term, the analyst tells investors in a research note.