Hortonworks (HDP) PT Cut to $8 at Cowen on Weak Q2, Outlook
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Cowen analyst J. Derrick Wood reiterated an Market Perform rating and cut his price target on Hortonworks (NASDAQ: HDP) to $8.00 (from $11.00) following weak Q2 results and guidance.
Wood commented, "While the 2Q miss/guide-down was labeled as an execution issue that can be addressed with more sales coverage, there are a number of developments that have elevated our concerns around the sustainability of HDP's pure open-source model. With the stock down sharply AH and the potential to look for a strategic alternative, we remain Market Perform but lower PT to $8."
Shares of Hortonworks closed at $12.63 yesterday.
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