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Model N initiated with buys

Shares of Model N (MODN) could be a model for success in the enterprise software market, Pacific Crest Securities said in a report. The securities firm initiated coverage on the software company with an outperform rating and a 27 price target. Raymond James initiated with an outperform (buy) rating, and Deutsche Bank started with a buy and 25 price target. Model N, which went public in late March, is slated to report fiscal Q2 results May 7. Shares fell 3% Monday.