Sage Group upgraded to Hold from Sell at Canaccord

Canaccord upgraded Sage Group (SGPYY) to Hold from Sell with a price target of 1,100 GBp, up from 1,080 GBp. The firm’s main concern over the last 18-plus months or so has been the combination of a slowing ARR growth trajectory and demanding valuation, but the current multiple now looks “about right” for a resilient, 90%-plus recurring revenue share compounder growing at high-single-digit percentage, the analyst tells investors.