Five9 (FIVN) is poised to benefit as businesses move contact center operations to the cloud to leverage artificial intelligence, RBC Capital Markets said Friday in a report.
A "solid" Q1 was "driven by strong subscription revenue and lower churn," and revenue guidance is "conservative," RBC said.
"We continue to believe a 'win-win' scenario is the most likely outcome for the company (over the medium term), where customers slightly reduce agent workflows with automation, leading to cost savings for the enterprise and substantial expansion opportunities for Five9," RBC said.
RBC raised its price target on Five9 stock to $35 from $30 and maintained its outperform rating.
Five9 shares rose 0.4% in recent Friday trading.
Price: 25.18, Change: +0.10, Percent Change: +0.40
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