Berenberg this week initiated coverage of Anaplan (PLAN, $61.47) at ‘Buy’ with a price target of $75, saying the company is the leading strategic planning provider seeking to replace manual sales planning and financial planning processes.

Deutsche Bank today raised its Anaplan target to $75 from $70. While recent checks indicate that large, transformative on-premises migration activity continues to be put on the back burner, they also indicate an uptick in demand and activity for modernizing components of these systems. The feedback was more incrementally positive on Anaplan relative to the previous quarter, said the firm.