WORK looks to have finally bottomed. The stock got a lift today after Slack (NYSE:WORK) was initiated at Overweight at Wells Fargo with a $30 price target, a 50% upside. WORK shares have a Bullish average Sell Side rating.
Last month, Slack reported Q3 beats, an inline Q4 outlook, and an upside FY view.
Wells Fargo says the competition concerns surrounding Slack (WORK +2.4%) ($30 PT) are now overdone and sees the current setup as "favorably skewed."
With 17% of the float short, there's room for a short squeeze.
Slack Technologies, Inc. operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc. and changed its name to Slack Technologies, Inc. in 2014. Slack Technologies, Inc. was founded in 2009 and is headquartered in San Francisco, California.
As always, trade with caution and use protective stops.