Bottomline Technologies (EPAY): Beat/Guide Down Leads To PT Cut - Needham
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Needham & Company analyst, Mayank Tandon, reiterated his Buy rating on Bottomline Technologies (NASDAQ: EPAY), after the company reported upside for 4Q, exceeding on revenue, operating margins and earnings. Solid 15% constant currency growth in the subscription & transaction segment and operating leverage drove the upside results.
Management reduced the outlook for FY17 to account for FX headwinds and a change in the non-GAAP income tax methodology. Excluding these effects there is no change to the outlook, with constant currency growth and operating margin guidance unchanged.
Management also announced a $60MM share buyback, which combined with the solid results and stable outlook should help reassure investors that fundamentals are intact.
The price target drops to $28 from $30.
Shares of Bottomline Technologies closed at $20.82 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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