Brightcove upgraded to Buy from Hold at Lake Street

Lake Street upgraded Brightcove (BCOV) to Buy from Hold with a price target of $3.50, up from $2.75. The firm believes Brightcove’s 2024 has been “a year of stabilization” and while it is not forecasting a return to double-digit growth “any time soon,” it feels like the business has found its footing and that its toughest days are in the rearview mirror, the analyst tells investors. Given 1% growth in the 12-month backlog and 5% growth in total backlog, the firm feels its flat revenue forecast is “conservative,” the analyst added.