Citi analysts raised the rating of Similarweb (NYSE:SMWB) from Neutral to Buy and increased the price target to $10 from $6. This upgrade follows Similarweb’s fourth-quarter results, which the analysts interpret as indicative of a pivotal shift, showcasing improved growth metrics and execution that may lead to continued profitability.

The expectation is for Similarweb to exhibit an accelerated growth in revenue and profits through 2024. Despite reservations about the data-as-a-service sector, including competitive and renewal rate concerns, the analysts see value in Similarweb’s stock, citing its undervaluation at 2.1x forward sales amidst accelerating growth and positive cash flow.

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