In a report released today, Bernie McTernan from Needham maintained a Buy rating on Fiverr International (FVRR – Research Report), with a price target of $36.00.
Bernie McTernan’s rating is based on Fiverr International’s recent financial performance, which exceeded expectations in terms of adjusted EBITDA for the first quarter. This positive outcome was primarily due to an improved take rate, which compensated for a slightly lower than anticipated gross merchandise volume. Additionally, the company’s guidance for the second quarter was slightly above consensus expectations, leading to an upward revision of the lower end of its annual guidance, aligning it more closely with market expectations.
Furthermore, Fiverr International has demonstrated stable demand trends and has shown promising developments in its strategic initiatives, such as Fiverr Go and efforts to move upmarket. These initiatives are expected to play a significant role in the company’s future growth, balancing out broader macroeconomic factors. McTernan’s Buy rating reflects confidence in Fiverr’s ability to capitalize on these opportunities and deliver continued financial performance improvements.