Benzinga | Jul 16, 2021 01:01PM EDT

Evercore Initiates Coverage On AvePoint With Outperform Rating, Sees 53% Upside

* Evercore ISI analyst Kirk Materne initiated coverage of AvePoint Inc (NASDAQ:AVPT) with an Outperform rating and $15 price target implying a 52.91% upside.

* AvePoint offers a suite of value-added SaaS solutions that help customers migrate, manage, and protect their Microsoft Corp's (NASDAQ:MSFT) SharePoint and Microsoft 365 data.

* He sees the Microsoft Gold Certified Partner with about 7 million global users increasing its penetration of the growing M365 user base as it rides the Microsoft cloud tsunami to deliver over 25% CAGR over 2021-25.

* Last week, AvePoint CEO TJ Jiang spoke about Microsoft Partnership, SaaS, earnings in an exclusive interview on Benzinga's 'SPACs Attack' show.

* Price action: AVPT shares traded higher by 3.71% at $9.77 on the last check Friday.