Similarweb price target raised to $16 from $14 at JMP Securities

JMP Securities analyst Patrick Walravens raised the firm’s price target on Similarweb to $16 from $14 and keeps an Outperform rating on the shares after hosting CFO Jason Schwartz for investor meetings. Schwartz says he is “really pumped” about the momentum the company is seeing throughout the year, the analyst tells investors in a research note. After more than two years of slowing growth, the business has steadily accelerated over last four quarters, and the firm thinks acceleration is likely to continue driven by improved go-to-market execution, a new Chief Revenue Officer with decades of experience selling data and analytics solutions to some of the largest consumer brands, improving retention, faster total customer growth, larger contracts, and the appetite from global technology companies to access Similarweb’s digital data to train their large language models.