Alteryx upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Alteryx to Overweight from Equal Weight with an unchanged price target of $54. With the shares down nearly 30% year-to-date, Alteryx’s valuation undervalues the company’s growth and profit potential in the years ahead, the analyst tells investors in a research note. The company is nearing $1B in annual recurring revenue with 48% penetration of the G2K and set to deliver improving profitability and free cash flow, says the firm. It sees Alteryx playing a central role in streamlining the analytics process for the large enterprise market.