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Vimeo Called a Best Idea, but Shares Fall Anyway

Published 06/22/2021, 11:18 PM
Updated 06/22/2021, 11:18 PM
© Reuters.

© Reuters.

By Christiana Sciaudone

Investing.com -- Vimeo (NASDAQ:VMEO) was called a best idea for the year by Cowen, but that didn't stop shares from dropping almost 2%. 

Analyst John Blackledge reiterated a buy-equivalent outperform rating and $56 price target, saying it's his best "Smidcap idea for 2021, believing the company is well-positioned to take share in the large and rapidly growing Video SaaS market," StreetInsider reported.

The company estimates that the industry's total addressable market is about $40 billion this year, and should increase to $70 billion by 2024, Blackledge noted.  

Shares are down about 25% since the company went public in May. Vimeo was spun off of IAC at that time.

 

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