01:46 PM EDT, 03/13/2024 (MT Newswires) -- Copperleaf Technologies ( CPLFF ) reported in-line revenue while delivering a strong beat in adj. EBITDA with narrowed OpEx, notes National Bank.

The leading indicator ARR (Annual Recurring Revenue) posted 30% Y/Y growth, suggesting the company's updated go-to-market strategy and investments in sales enablement have been effective, analyst John Shao says. FQ4 also saw a record revenue backlog of $139.5 million with an estimated $78.0 million to be recognized over the next 12 months. Management tone on the macro-outlook also seemed to have softened, Shao adds.

That positive tone change, coupled with a growing partner ecosystem, suggests Copperleaf ( CPLFF ) is on track to post accelerated growth in 2024. "All in, we're getting incrementally comfortable with CPFL's execution based on this quarter's results."

Maintaining Sector Perform "for now with an opportunistic view of a future re-rating if the execution continues to improve."

Reiterate $7 target.

Price: 6.75, Change: +0.25, Percent Change: +3.85