Credit Suisse Resumes Callidus Software (CALD) at Outperform
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Credit Suisse resumes coverage on Callidus Software (NASDAQ: CALD) with a Outperform rating and a price target of $22.00.
Analyst Michael Nemeroff commented, "We reinstate coverage of CALD with an Outperform rating and maintain our $22 target price. Our revenue estimates for 2016 and 2017 of $205.0M (+18.4% yr/yr) and $240.3M (+17.2% yr/yr) are unchanged, but we lower our EPS ests to $0.27 and $0.35 from $0.28 and $0.37, respectively, to reflect dilution from the new primary shares the company sold. Including the over-allotment option, net proceeds from the transaction are $100.3M. We view CALD's recent secondary offering favorably because we believe the transaction: (1) provides more flexibility for the company to pursue strategic tuck-in technology acquisitions to further broaden and enhance its SEM / SPM product suites; and (2) improves CALD's liquidity and cash position to fund future R&D initiatives as well as sales & marketing investments, which we believe could support strong +30% on-demand revenue growth over the next few years, at least."
Shares of Callidus Software closed at $18.88 yesterday.
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