Freshworks (NASDAQ:FRSH) shares rose 1% in early trading on Tuesday as investment firm Cantor Fitzgerald started coverage on the business software company.

Analyst Brett Knoblauch initiated Freshworks (FRSH) with an overweight rating and a per-share price target of $18, noting it is a “one-stop-shop” for customer service, IT service management and sales and marketing automation tools.

“Our conversations with customers, partners, and resellers reinforce our view that FRSH has a superior product and is positioned to deliver robust growth over the long term,” Knoblauch wrote in a note to clients.

“While we expect an uncertain macro environment to dampen growth rates over the medium term, FRSH has $1.1B in cash on its balance sheet and no debt, which we believe gives FRSH ample flexibility to further invest in its products, go-to-market operations, or pursue strategic M&A,” Knoblauch added.

In addition to the balance sheet, favorable market dynamics, Knoblauch noted Freshworks (FRSH) is about to turn free cash flow positive, all while having a number of growth opportunities in front of it, while trading at a roughly in-line valuation to its peers, such as Hubspot (HUBS).

“Ultimately, we believe FRSH is in the early stages of its growth story, which we believe paves the way for meaningful [free cash flow] generation over the long term, making shares attractive at current levels,” Knoblauch explained.

Earlier this month, investment firm Canaccord Genuity downgraded Freshworks (FRSH), citing worries over its valuation and slowing business metrics.