Look to this low-flying software company for as much as 35% upside, according to Morgan Stanley.
An under-the-radar software company could yield investors as much as 35% upside, according to Morgan Stanley. The Wall Street bank wrote in a Monday note that Model N, a 24-year-old software provider for pharmaceutical and semiconductor companies, could be facing "the next wave of growth." Morgan Stanley began research coverage of Model N with an outperform investment rating and $43 price target. Model N is down more than 19% so far in 2023 after jumping 35% in 2022.
Model N, which came public 10 years ago this month , has "an attractive combination of near-term defensive characteristics and long-term secular growth drivers" thanks to a robust roster of pharmaceutical clients, Morgan Stanley said. Model N's software will play an essential role in firms figuring out their best pricing strategy after the Centers for Medicare & Medicaid Services' starts negotiating drug prices for high-spending drugs startiung in 2026, Hettenbach added.
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