The Globe and Mail reports in its Wednesday, Nov. 15, edition that Needham analyst Ryan MacDonald started coverage on Docebo with a "buy" rating and $56 (U.S.) share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $50.17 (U.S.). Mr. MacDonald says in a note: "We view Docebo as a differentiated learning management system (LMS) vendor that is quickly gaining share through the evolution of corporate learning beyond HR into the extended enterprise. Our industry work suggests that learning/training are top priorities for HR buyers heading into 2024 and the TAM [total addressable market] for Docebo is significant, at $25-billion. With a differentiated product suite and growth initiatives fueled by investments in the indirect channel via SI/OEM relationships, Docebo is poised to take share and deliver a balanced mix of growth and profitability that could put it in the 'Rule of 40' discussion in FY24. Given this dynamic, we view Docebo shares as undervalued at an EV/revenue multiple of six times our FY24 estimate, representing an attractive entry point for investors."