.August 5, 2024 2:25:00 PM

BofA Securities analysts upgraded Five9 (NASDAQ:FIVN) to Buy from Underperform, maintaining a price target of $63, ahead of the company’s Q2/24 earnings report. The analysts see advancements in artificial intelligence as significant benefits for the company, with competitive threats already priced into the stock. They believe the stock is undervalued and could see potential upside from strategic actions. Despite some multiple compressions, the analysts argue that the stock’s current level suggests limited competitive differentiation and growth levers, views they firmly disagree with.