The Nearmap Ltd (ASX: NEA) share price appears to have put its short seller attack behind it.
This afternoon the aerial imagery technology and location data company’s shares closed the day around 1% higher at $2.11.
This means the Nearmap share price is now up 23% since coming out of its trading halt.
It is also trading 11.1% higher than where its shares were trading prior to the release of the short seller report.
Can the Nearmap share price go even higher?
According to a note out of Goldman Sachs, it believes the Nearmap share price can still go higher from here.
In response to its half year results, this morning the broker reaffirmed its buy rating and increased its price target on the company’s shares by 7% to $2.95.
Based on the current Nearmap share price, the implies potential upside of approximately 14% over the next 12 months.
What did Goldman Sachs say?
Goldman was pleased with Nearmap’s performance during the first half and notes that a number of key metrics came in ahead of its forecasts.
It commented: “NEA delivered a solid start to 1H21 with Annualised Contract Value growth, revenues and earnings all ahead of our forecasts.”
“We expect NEA’s share price to outperform on continued positive trends on new business growth. In fact, some indicators are supportive of this: growth in subscriber numbers was +4% in ANZ and +24% in North America, while average revenues per subscriber were +5% in ANZ and +13% in North America.”
“These metrics should be broadly indicative of a strong value proposition and as a result we believe that new business wins can accelerate from here. Our investment case remains unchanged per our recent upgrade to Buy,” it added.
Also rating its shares as a buy today were Citi and Morgan Stanley. They both have slightly higher price targets of $3.10 on Nearmap’s shares.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has tripled in value since January 2020, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 15th February 2021
More reading
- ASX 200 rises, JB Hi-Fi profit soars, Altium drops
- ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses
- Nearmap (ASX:NEA) share price soars 14% after response to short sellers
- Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
- Why the Nearmap (ASX:NEA) share price is surging 12% higher
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Where next for the Nearmap (ASX:NEA) share price? appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3jUqDoQ
Leave a Reply