The Nearmap Ltd (ASX: NEA) share price appears to have put its short seller attack behind it.
This afternoon the aerial imagery technology and location data company's shares closed the day around 1% higher at $2.11.
This means the Nearmap share price is now up 23% since coming out of its trading halt.
It is also trading 11.1% higher than where its shares were trading prior to the release of the short seller report.
Can the Nearmap share price go even higher?
According to a note out of Goldman Sachs, it believes the Nearmap share price can still go higher from here.
In response to its half year results, this morning the broker reaffirmed its buy rating and increased its price target on the company's shares by 7% to $2.95.
Based on the current Nearmap share price, the implies potential upside of approximately 14% over the next 12 months.
What did Goldman Sachs say?
Goldman was pleased with Nearmap's performance during the first half and notes that a number of key metrics came in ahead of its forecasts.
It commented: "NEA delivered a solid start to 1H21 with Annualised Contract Value growth, revenues and earnings all ahead of our forecasts."
"We expect NEA's share price to outperform on continued positive trends on new business growth. In fact, some indicators are supportive of this: growth in subscriber numbers was +4% in ANZ and +24% in North America, while average revenues per subscriber were +5% in ANZ and +13% in North America."
"These metrics should be broadly indicative of a strong value proposition and as a result we believe that new business wins can accelerate from here. Our investment case remains unchanged per our recent upgrade to Buy," it added.
Also rating its shares as a buy today were Citi and Morgan Stanley. They both have slightly higher price targets of $3.10 on Nearmap's shares.
