Similarweb initiated with a Buy at Needham

Needham analyst Scott Berg initiated coverage of Similarweb (SMWB) with a Buy rating and $11 price target The analyst believes Similarweb is an early leader in the web analytics space “possessing a deep and differentiated data asset it can monetize.” The firm views the company’s total addressable market as sufficiently large to drive durable revenue growth through at least the intermediate term.