TechTarget on Dec. 23 announced the closing of its acquisition of BrightTALK. Shares of the B2B data-driven marketing services provider rose 3.5% at the close on Wednesday.
TechTarget (TTGT), which operates a marketing platform for webinars and virtual events in the enterprise IT market, originally announced the deal on Dec. 10. The acquisition is expected to help TechTarget to develop and enhance its proprietary first-party purchase intent data and its opt-in audience offerings.
“We are excited to continue accelerating value delivery to our customers.” said TechTarget CEO Michael Cotoia.
Commenting on the deal, Raymond James analyst Aaron Kessler raised the stock’s price target from $48 to $68 (11% upside potential) and reiterated a Buy rating.
Kessler believes that the acquisition is highly complementary, citing as examples BrightTalk’s proprietary first-party purchase intent data solutions, the addition of virtual event capabilities to TechTarget’s platform, and other cross-selling opportunities. Additionally, the analyst expects the deal to help TechTarget boost revenue from long-term subscriptions. (See TTGT stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 3 unanimous Buys. The average analyst price target of $70.67 implies upside potential of close to 16% at current levels.
Related News:
Moderna’s Covid-19 Vaccine Gets Green Light From Canada; Shares Gain
Norilsk Nickel Closes Oldest Production Facility To Cut Down On Emissions
Paychex’s 2Q Profit Beats Street Estimates; Top Analyst Lifts PT
