SPS Commerce upgraded to Outperform from Market Perform at Northland

Northland upgraded SPS Commerce to Outperform from Market Perform with a price target of $177, up from $175. Results and guidance indicate 15%-plus organic growth through calendar year 2023 and “history suggests” organic growth of 13% for calendar year 2024 is “conservative,” the analyst tells investors. The firm expects SPS Commerce to maintain “minimally” 15%-plus organic, even in a recession, the analyst added.