Everbridge gains on Needham upgrade to 'buy'

Everbridge

11/07/2023 14:05

** Shares of software company Everbridge Inc  EVBG.O  rise
6.4% to $28.87 before the bell
    ** Needham upgrades rating on stock to "buy" from "hold"
    ** Brokerage views market expectations for EVBG as too
cautious; expects EVBG to outperform as company returns to
double-digit growth level
    ** Risk to reward ratio is attractive and anticipates
company to generate over $80 mln in free cash flow in FY24 -
Needham
    ** Four of 13 brokerages rate the stock "buy" or higher, 7
"hold", 2 "sell"; median PT is $30 - Refinitiv
    ** Up to Monday's close, stock down 8.2% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))