Zendesk Hits Record High as Cult Stock Grows 'Faster for Longer’
- Analyst says fourth quarter upside augurs well for year ahead
- Shares of Zendesk gained 116 percent since beginning of 2018
This article is for subscribers only.
Zendesk Inc. is having one of its best days ever with shares rallying to a record high. The move comes as investors cheer the company’s fourth-quarter revenue upside.
The solid results and guidance brought confidence to Wall Street as management goes full speed ahead on a strategy to move upmarket. Canaccord Genuity analyst David Hynes Jr. says the "strong finish bodes well for the year ahead." Canaccord boosted it price target on Zendesk by nearly 31 percent to $85 a share.