Shares of Talend (NASDAQ: TLND) rallied today, closing out the day with gains of 11% after getting a bullish initiation from Wall Street. Craig-Hallum kicked off coverage of Talend with a buy rating alongside a price target of $55.
Analyst Chad Bennett argues that Talend will benefit from the secular trends toward digital transformation and cloud migration as enterprise organizations continue to modernize operations. The tech company provides data integration services for a variety of sectors through its software platform. Companies need to connect numerous fragmented data sources with data stores, and Talend is an established leader in that market, according to Bennett. Craig-Hallum estimates that the combined market opportunity in 2020 is approximately $23 billion.
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Source Fool.com