"DJ Nearmap Price Target Raised 2.2% to A$2.30/Share by...

"DJ Nearmap Price Target Raised 2.2% to A$2.30/Share by Canaccord Genuity"

"Canaccord lifts its price target and FY19-21 forecasts for Nearmap, a provider of high-resolution aerial images, following this week's upbeat trading update but worries it's not being bullish enough. Annualized deal value totaled A$78.3M ($56.2M) in 1H, representing a 4% beat to Canaccord's A$75.2M expectation. So, the investment bank increases its ACV forecasts by 3% each year through FY21, adding that it sees potential for further upside "as Nearmap maintains its positive sales momentum, particularly in the US." Over the coming years Nearmap "has a tremendous reinvestment capability to accelerate its growth and technology moat with more than A$120m gross profit accretion (FY19-FY21) and A$80M cash on hand," the investment bank adds"