Jamf Holding (JAMF – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst David Hynes from Canaccord Genuity maintained a Buy rating on the stock and has a $21.00 price target.
David Hynes has given his Buy rating due to a combination of factors that suggest Jamf Holding is undervalued and has potential for growth. Despite the company facing challenges in meeting its ambitious revenue targets for the coming years, its margin goals appear achievable, positioning it as a solid investment. The stock is currently trading at a valuation that seems attractive, especially if Jamf can maintain a high-single-digit compound annual growth rate and achieve its free cash flow margin target.
Moreover, while there are macroeconomic headwinds and uncertainties regarding device expansion, there are positive signs such as the potential recovery in PC and Mac shipments and the company’s early success with its revamped partner program. Additionally, Jamf’s ability to replace legacy VMware deployments presents further growth opportunities. These factors, combined with stable security and cross-sell momentum, support the Buy rating as the stock offers a compelling value proposition for investors.