Model N initiated with a Sector Perform at RBC Capital

RBC Capital analyst Rishi Jaluria initiated coverage of Model N with a Sector Perform rating and $35 price target. The analyst likes Model N’s market leadership position, successful cloud transition, and blue chip customer base, but views the shares as fully valued at current levels. Model N is the leading provider of revenue management solutions within its two target verticals, as 28 of the top 30 life sciences companies and 14 of the top 20 semiconductor companies use Model N today, the analyst tells investors in a research note.