Baird upgraded Blackbaud to Outperform from Neutral with a price target of $50, down from $60. The company reported a solid Q1, featuring a beat on the top and bottom lines, the analyst tells investors in a research note. The firm is encouraged by Blackbaud's focus on new logos and its opportunity to cross-sell within the installed base. The company's low expectations and valuation, along with improved execution, should support a higher multiple, contends Baird.
