Mizuho Reiterates Outperform Rating for Jamf Holding Corp with $20 Price Target
Mizuho has reiterated its Outperform rating for Jamf Holding Corp (NASDAQ: JAMF) with a steady price target of $20.00. The firm's confidence in Jamf stems from its leading role in Apple device management.
At Jamf's annual user conference in Nashville, the company unveiled its AI Assistant, set to launch in early 2025, alongside several product enhancements such as Blueprints, Self Service+, and Compliance Benchmarks.
The conference also provided an opportunity for customer and partner engagement, highlighting Jamf's dominance over competitors in functionality. Despite macroeconomic challenges, Mizuho believes Jamf has a strong competitive position in IT management and security for Apple devices.
Mizuho noted that while market conditions have been tough, Jamf is expected to face more manageable comparisons in the coming months. The firm highlighted Jamf's attractive trading value, with an estimated EV/ARR of less than three times for 2025.
In recent news, Jamf Holding reported a 13% year-over-year increase in Q2 revenue, reaching $23.5 million in non-GAAP operating income and $621.7 million in annual recurring revenue. The company's security ARR also grew by 27% to $145 million.
InvestingPro Insights
Jamf Holding Corp's financial metrics and market position offer additional context to Mizuho's optimistic outlook. According to InvestingPro data, Jamf's revenue growth stands at 14.6% over the last twelve months as of Q2 2024, with a robust gross profit margin of 79.72%.
InvestingPro Tips highlight consistent revenue growth for Jamf and analyst revisions of earnings expectations. The InvestingPro Fair Value for Jamf is estimated at $21.62, suggesting potential upside for the stock.
Analysis:
Overall, Jamf Holding Corp's strong position in Apple device management and consistent revenue growth make it an attractive investment opportunity. Mizuho's Outperform rating and price target of $20 reflect confidence in the company's future performance. Investors may consider Jamf as a potential growth stock with room for upside based on financial metrics and market outlook.