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Why Slack Shares Jumped 11% Today

TheMotleyFool

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Why Slack Shares Jumped 11% TodayPhoto, wide shot, wide-angle lens, Consumer electronics manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/0defe5ca-333a-451e-9549-4f262e278fc7.png

Shares of Slack Technologies (NYSE: WORK) rose as much as 11.3% on Tuesday morning, hanging around just below the 11% mark at 2:45 p.m. EST. The business collaboration software expert was boosted by a bullish analyst report.

Analyst firm RBC Capital started coverage of Slack this morning with an "outperform" rating on the stock and a price target of $25 per share. That's 19% above Monday's closing price. RBC analyst Alex Zukin cited Slack's market-leading brand power and unique technology, arguing that the company should be able to post revenue growth near 30% a year for the foreseeable future.

Will Microsoft help or hurt Slack as the collaboration market evolves? Image source: Getty Images.

Source Fool.com

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