Sprout Social price target raised to $70 from $65 at Canaccord

Canaccord raised the firm’s price target on Sprout Social to $70 from $65 and keeps a Buy rating on the shares. The analyst said this was another strong quarter – a record increase in net new ARR, strong adds in the firm’s $10K+ and $50K+ ARR customer cohorts, and an acceleration in premium module attach rates.