Sprout Social initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Adam Hotchkiss initiated coverage of Sprout Social with a Buy rating and $61 price target. Sprout is a social media management software platform that enhances customers’ ability to manage social footprints, analyze social data, and amplify social marketing, the analyst tells investors in a research note. The firm believes Sprout’s significant technology investments, in addition to the platform’s single code-base and light implementation model, separates the company from peers and should drive meaningful share gains in the social media management software.