Alteryx upgraded to Neutral on traffic recovery at Piper Sandler

Piper Sandler last n=ight upgraded Alteryx to Neutral from Underweight with a price target of $50, up from $32. The analyst cites increasing spending intentions on the analytics category from the firm’s 2024 CIO survey coupled with a recovery in website traffic that has increased m/m for three consecutive months for the upgrade. The consensus annual recurring revenue growth estimate of 12.2% for next year could be too conservative, the analyst tells investors in a research note. However, Piper adds that the 50% increase in Alteryx shares in November and December reflects improving investor optimism. It also notes that a private equity takeout makes strategic and financial sense.