3 February 2020Nearmap Ltd (ASX: NEA)
A note out of Citi reveals that its analysts have retained their buy rating but cut the price target on this aerial imagery technology and location data company’s shares to $2.70. According to the note, the broker feels Nearmap’s original guidance for FY 2020 was too optimistic. However, it believes its buy thesis remains intact. It likes Nearmap for its scalable business model, its low penetration in a massive U.S. market, and its international expansion opportunities. I agree with Citi and believe the pullback in its share price is a buying opportunity for patient investors.
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