Jefferies analyst Samad Samana reiterated a Buy rating and $13 price target on CCC Intelligent Solutions (CCCS) after the company agreed to acquire EvolutionIQ, an AI-powered platform for disability and injury claims management. The firm sees the implied roughly 15x equity value/revenue multiple as reasonable for an over 50% early-stage growth company with deep AI talent. Jefferies added that it likes the deal, as it expands the serviceable addressable market and total addressable market, bolsters the existing casualty business, boosts CCC’s durable growth rate, and diversifies the company’s industry exposure beyond auto.
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Read More on CCCS:
- CCC Intelligent Solutions to acquire EvolutionIQ for $730M
- CCC Intelligent Solutions announces $300M share repurchase program
- CCC Intelligent Solutions Extends Executive’s Retirement Date
- CCC Intelligent Solutions 13.6M share Block Trade priced at $12.40
- CCC Intelligent Solutions price target raised to $14 from $13 at JPMorgan
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
