SPS Commerce initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of SPS Commerce (SPSC) with a Neutral rating and $198 price target SPS provides electronic data interchange software that connects suppliers with trading partners, the analyst tells investors in a research note. The firm says the company’s net-new customer adds have materially slowed in fiscal 2024. The Street is imbedding a significant bounce-back in fiscal 2025 net-adds, which Piper views as slightly aggressive. As such, it believes the shares are near fair value.