2206 GMT - Technology One is no longer rated a buy by Goldman Sachs following a 61% jump in its share price since June 26, outperforming Australia's benchmark ASX 200 index which has risen 16% over the same timeframe. "Our in depth analysis of Technology One's end markets and Annualized Recurring Revenue growth outlook supports a mid-teens top-line growth rate to FY 2030 (reaching A$1 billion ARR)," analyst Chris Gawler says. At the same time, Technology One's natural operating leverage, reflected by more than 80% incremental SaaS margins, means 15%-20% pretax profit growth is the new normal, Goldman says. But the stock's recent rally means the "risk-reward appears fair with balanced risks to both the upside and downside," Goldman says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 07, 2024 18:06 ET (22:06 GMT)
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