Benzinga | Dec 13, 2021 06:58AM EST

Goldman Sachs Adds This Software Technology Company To Conviction List With 58% Upside Potential

* Goldman Sachs analyst Gabriela Borges initiated coverage of Qualtrics International Inc (NASDAQ:XM) with a Buy rating and a $53 price target.

* The analyst also added the stock to Goldman's Conviction List with a 58% upside to the price target.

* Borges views Qualtrics as a market leader in customer experience, a segment she believes is growing in importance. Customers look to understand areas for improvement across digital engagement to optimize.

* Qualtrics should benefit from the net new budget as well as consolidation of spending from a "long tail of fragmented vendors as a function of its technology breadth and depth," Borges tells investors in a research note.

* Qualtrics is a software technology company that develops software for organizations.

* Price Action: XM shares traded higher by 2.77% at $34.50 in the premarket session on the last check Monday.