Needham Remains Bullish On BTRS; Sees Sharp Upside

• Needham analyst Mayank Tandon reiterated a Buy rating on BTRS Holdings Inc (NASDAQ:BTRS) and a price target of $8 (53% upside). 
• Last week, Tandon attended BTRS' virtual investor day, where management updated the company's long growth runway and supplied further clarity and confidence in the company's MT and LT financial targets. 
• He saw BTRS as a leading B2B payments software provider and processing for enterprise and middle-market organizations. 
• He believes that BTRS' diverse AR automation solutions and large and growing end-market should allow BTRS to generate 20%+ organic revenue growth over the next several years. 
• He also believes there is significant room for LT margin expansion as the vertical-SaaS model gains scale. 
• With the shares trading at a discount to a group of payments and financial SaaS companies, he views the risk-reward as favorable. 
• Price Action: BTRS shares traded lower by 0.95% at $5.23 on the last check Tuesday.