Model N initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach initiated coverage of Model N with an Overweight rating and $43 price target. The "stage is set for the next wave of growth" at Model N, as the company is on the cusp of completing a multi-year business model transition, the analyst tells investors in a research note. The firm is positive on Model N’s leadership position and 85% exposure to the "secular growth" of life sciences and emphasizes the company’s "best in class profitability" relative to peers.