Piper Sandler raised the firm’s price target on Q2 Holdings (QTWO) to $100 from $93 and keeps a Neutral rating on the shares. The firm notes the company’s Q4 results came in ahead of expectations, with revenues of $183M largely flowing through to EBITDA of $37.6M. Growth was driven by subscription revenue of 16% and partially offset by services and other decline of -7%. Piper views this continued mix shift to higher subscription revenue as a positive, given the higher margin profile of subscription revenues.
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