Analysts Bump Up Five9 Price Target Post Q3 Results

Analysts lifted price targets on Five9 Inc FIVN following Q3 beat and Q4, FY21 Outlook above consensus.
Truist analyst Terry Tillman upgraded to Buy from Hold with a Price Target of $210, up from $190, implying a 27% upside.
Wells Fargo analyst Michael Turrin raised the PT to $210 from $200, suggesting a 27% upside, and affirmed an Overweight.
The analyst notes that Five9's return to public co earnings was business as usual in terms of Q3 results, but with an "added kicker" in terms of the 2022 and long-term target model, which he thinks is likely to help catalyze a rebound in shares.
Turrin sees an underlying inflection taking hold in this market, with Five9 among the most well-positioned to benefit from the transformation of contact center technology toward the cloud.
UBS analyst Taylor McGinnis upgraded to Buy from Neutral with a PT of $195, up from $175, after reporting 38% revenue growth against a tougher comp in Q3.
While he was optimistic heading into the earnings report, McGinnis said he was looking for clarity on future growth in light of other earnings misses getting more constructive. He "received that color" as the company guided to FY22 revs growth of 24%, which he notes was above past pre-COVID initial guides in the mid-teens.
McGinnis sees Five9 being well-positioned to sustain high growth shortly and is raising his FY22 revenue growth estimate to 26% from 23% after the quarterly report.
KeyBanc analyst Michael Turits raised the PT to $208 from $200, implying a 26% upside, and reiterated an Overweight.
The analyst notes Five9 reported "strong" results with upside to revenue, billings, and EPS of $8 million, $6 million, and 5c, respectively.
Price Action: FIVN shares traded higher by 13.1% at $164.25 on the last check Tuesday.

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