Re, No mention of legal issues?? !!
June 21, 8:07amNearmap Ltd(ASX: NEA)
The first ASX tech share to look at is Nearmap. It is an aerial imagery technology and location data company.
Nearmap’s aerial imagery and data insights shift location analysis out of the field and into the office. Management notes that this provides businesses with the tools to scale quickly and bring their most important initiatives to life.
Although there has been a few bumps on the road, Nearmap has overall been growing at a strong rate over the last few years. This has been driven by increasing demand for its services in the ANZ and North American markets. Looking ahead, management appears confident in its growth trajectory. It is targeting annualised contract value (ACV) growth of 20% to 40% per annum over the long term, with underlying churn of less than 10%.
Morgan Stanley remains bullish on the company despite its legal issues. It currently has an overweight rating and $3.20 price target on its shares. This compares to the latest Nearmap share price of $1.92
