UPDATE: Lake Street Initiates Callidus Software at Buy on New 'State-of-the-art' Sales and Marketing Platform

In a report published Tuesday, Lake Street analyst Eric Martinuzzi initiated Callidus Software (NASDAQ: CALD) at a Buy rating and a price target of $9.00.

In the report, Lake Street cited that, “After years as a one-trick commissions administration pony, Callidus Software has assembled a state-of-the-art SAAS-based sales and marketing platform. We believe the company's arrival as a player of significance remains underappreciated and that 20%+ SAAS revenue growth on a leaner cost structure will garner a higher stock price in the coming year.”

Callidus Software closed Monday at $6.35.