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KeyBanc upgrades Anaplan (NYSE: PLAN) to Overweight

  • Bank raises rating from Sector Weight, sets $57 price target
  • Bullish on software company’s revenue growth potential
  • PLAN has Outperform Sell Side rating
  • Shares rise to $48.50

Anaplan (NYSE: PLAN) shares climbed 2.4% in premarket after KeyBanc upgraded the software company to Overweight and set a $57 price target.

Analysts are increasingly confident about the San Francisco-based enterprise’s ability to realise its revenue growth potential. PLAN has delivered net revenue retention in excess of 120% and a billings uptick in the last three quarters. The performance has “alleviated initial sales execution concerns” following its IPO.