Shares of Zuora Inc. (NYSE:ZUO) rose today after Berenberg analyst Andrew DeGasperi initiated coverage of the tech stock with a buy rating and a $20 price target.
Zuora's stock was up by 10% as of 3:09 p.m. EDT.
Investors were happy to see that DeGasperi is bullish on Zuora's stock, which has gained 95% over the past 12 months. The positive investor note comes after Zuora beat Wall Street's fourth-quarter estimates just last month.
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On March 11, Zuora reported a Q4 non-generally accepted accounting principles (GAAP) loss of $0.02 per share, which was better than analysts' consensus estimate of $0.05 loss per share.