Deutsche Bank Initiates Coverage of Metaverse Play Matterport, Sees Near 50% Upside

Deutsche Bank initiated coverage of metaverse play Matterport with a buy rating, calling the company a leader in the digitization of the built world.

The bank’s analysts led by Bhavin Shah started coverage on Tuesday with a price target of $14, implying a 46% upside from the recent close.Matterport’s technology platform enables customers to create a digital twin of any space or building with relative ease, and this should drive impressive growth over the foreseeable future, the note said.Strong mindshare, a robust capture services network and a freemium model are meaningful network effects which should accelerate the company’s competitive positioning, the report added.Much of the real estate industry has lagged in innovation, and these underlying industry dynamics bode well for Matterport, Deutsche Bank said. The market opportunity is sizeable, with the global opportunity at $240 billion and an $11.2 billion total addressable market in the US alone, it added.The bank sees a significant long-term opportunity for Matterport to provide insights and to monetize the spatial data on its platform.Matterport shares closed 1.4% lower at $9.59 on Tuesday.

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