ServiceTitan initiated with an Overweight at KeyBanc

KeyBanc initiated coverage of ServiceTitan (TTAN) with an Overweight rating and $120 price target The firm sees ServiceTitan as a “clear market share beneficiary in a historically under-digitized” trades industry. With limited competition, a large $13B addressable market, and category-leading gross retention, ServiceTitan “checks all the right boxes” to be considered a premier vertical software company, the analyst tells investors in a research note. KeyBanc believes the company has a “meaningful” long-term growth and margin runway, and should be a core software-as-a-service holding for investors.