Shares of Aconex Limited (ASX: ACX) have been on fire ever since their December 2014 market debut, but Deutsche Bank thinks they could have even further to go.

Aconex is a business that provides construction collaboration software via its Software-as-a-Service (SaaS) platform. This enables organisations around the world to collaborate across the lifecycle of construction projects, facilitating and enhancing tasks such as document management, workflows, field management and asset hand-over.

As it stands, Aconex’s share price is sitting at $6.41, just a few percent below their recent high of $6.79. That represents a remarkable 200% gain over the last 12 months and a 286% gain since their debut in 2014.

Although the shares are no longer cheap, The Australian reported that Deutsche Bank still rates them a buy with a $7.85 price target. That would resemble a 22.5% gain from today’s price. Macquarie also has a $6.60 price target while UBS has a target of $6.95.

If you are considering buying the shares today, one thing to be aware of is that Aconex provides for a highly cyclical industry, whereby the number of construction projects can vary significantly depending on the stage of the economy. Meanwhile, although there is certainly growth potential, the shares are currently trading on very high multiples, which does make them susceptible to any downgrades or earnings results that do not quite meet the market’s lofty expectations.

Still, Aconex appears to be a high-quality business and could be worth further investigation by long-term investors.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.