Anaplan Shares Pop As Analysts Cheer Q4 Earnings

Analysts raised their price targets on Anaplan Inc PLAN post Q4 results.
Mizuho analyst Siti Panigrahi raised the PT to $65 from $60 (26.7% upside) and kept a Buy.
The company posted Q4 results and raised its fiscal 2023 guide above consensus estimates, the latest back-office player to benefit from the enterprise spending resumption.
Wells Fargo analyst Michael Turrin maintained an Overweight and raised the PT from $60 to $65.
Needham analyst Scott Berg maintained a Buy and lowered the PT from $95 to $65.
Morgan Stanley analyst Stan Zlotsky maintained an Equal-Weight and raised the PT from $48 to $52 (fair priced).
Barclays analyst Raimo Lenschow maintained an Overweight and raised the PT from $58 to $59 (15% upside).
Loop Capital analyst Yun Kim raised the PT to $50 from $45 (fair-priced) but kept a Hold.
The company's Q3 results were "solid." Anaplan reported the highest ACV and net new ACV growth in 3 years, driven by a strong resurgence in considerable deal activity.
But he is wary of increasing competition and whether it can maintain the current strength in the new customer activity consistently.
Price Action: PLAN shares traded higher by 6.58% at $49.74 on the last check Thursday.