Model N price target raised to $52 from $45 at Truist

Truist analyst Terry Tillman raised the firm’s price target on Model N (MODN) to $52 from $45 and keeps a Buy rating on the shares after its "solid" Q1 earnings beat. The company’s SaaS annual recurring revenue growth accelerated in the quarter to 36% y/y driven by strong cross-sell & upsell into the existing customer base along with a boost from continued SaaS transitions, the analyst tells investors in a research note. Truist also believes that Model N has "many legs of growth left" as the company grew its relationship with Abbvie (ABBV) and also mentioned an important go-live in the quarter with Moderna (MRNA).