Shares of Domo (NASDAQ: DOMO) have jumped today, up by 20% as of noon EDT, following some bullish commentary from Wall Street. Needham reiterated a buy rating on Domo stock while adjusting its price target from $31 to $25 to accommodate recent market activity.
Analyst Jack Andrews remains optimistic on Domo, noting that management has expressed plans to cut costs in order to better weather the COVID-19 crisis. The coronavirus pandemic does not appear to have meaningfully impacted Domo's sales pipeline, according to Andrews. Needham is encouraged that Domo is taking proactive steps to bolster cash flow and believes investors should appreciate the company's "newfound expense discipline."
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Source Fool.com