Model N price target raised to $48 from $42 at BTIG

BTIG analyst Matt VanVliet raised the firm’s price target on Model N to $48 from $42 and keeps a Buy rating on the shares. The company’s Q1 results represented a strong start to FY23, with Subscription revenue, SaaS ARR, RPO and Billings all above expectations, the analyst tells investors in a research note. Model N continues to execute around its key areas of growth while also delivering solid margin expansion as its cloud transition rounds the final turn, BTIG added.