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Closing all our positions: our strategy includes complete renewal of portfolio every two weeks based on the top "five-day gainers" of mid-cap firms in the US stock market.
I recommend buying TechTarget based on a target price of $36.28, which represents a 38% upside from current price. Target price is a weighted average target price of a DCF and relative valuation. Although the stock has appreciated nearly% over the last year, I believe the stock has room to run. Market has yet to price in strong sales growth (15% for FY 2019, FY 2020, and FY 2021) and operating income margin (from 15% in FY 2019 to 35% by FY 2023). TechTarget is a leader in IT Vendor Ad Spend SaaS. The firm has a strong reputation for insightful IT-related content. I estimate the firm’s 150-webiste network will double in size to 300 websites by FY 2022. Furthermore, the Digital Ad Spend Industry will continue to grow and TechTarget is well positioned to continue capturing market share. Total digital ad spend for FY 2019 will reach a record $110B. I estimate TechTarget will capture more of this growing market, with sales growing to $230M by FY 2023.