Instructure initiated with Overweight, $32 target at KeyBanc

KeyBanc analyst Devin Au last night initiated coverage of Instructure with an Overweight rating and $32 price target. The company is positioned to be the vertical leader for the education learning management system market, the analyst tells investors in a research note. The firm expects continued share gains for Instructure versus legacy on-premise solutions and says the company benefit from the K-12 “budget flush” in the U.S. It also has :interesting growth opportunities” in international and cross-sell, contends KeyBanc.