Imperial Capital Cuts Price Target on Imperva (IMPV) to $50 Following 2Q; Reiterates Outperform
- S&P 500, Nasdaq set records as tech, banks lead
- Texas Instruments (TXN) Tops Q4 EPS by 20c, Issues Solid Q1 Outlook
- Intuitive Surgical (ISRG) Tops Q4 EPS by 10c; $2B Accelerated Share Repurchase
- Seagate Technology (STX) Tops Q2 EPS by 30c
- After-Hours Stock Movers 01/24: (BOBE) (STX) (WDC) Higher; (NEWT) (MRCY) (CA) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Imperial Capital maintained an Outperform rating on Imperva (NYSE: IMPV), and cut the price target to $50.00 (from $55.00), following the company's 2Q earnings report. IMPV reported revenue of $57.9mn and adjusted net loss per share of $0.23. IMPV previously reported preliminary 2Q16 revenue of $57.5-58.0mn and adjusted net loss per share of ($0.20)-($0.22). IMPV also announced that a review of the company’s strategic alternatives has been initiated by the company’s Board of Directors.
Analyst Michael Kim commented, "We are maintaining our Outperform rating on IMPV shares and reducing our one-year price target to $50 from $55 based on our lower outlook. Our price target implies potential upside of 9% above recent levels. While IMPV is continuing to achieve strong growth in subscription revenue (up 88% year-over-year [yoy]), we estimate a steeper decline in product sales due to changes in procurement patterns. We are further reducing our 2H16 and FY17 estimates, which we had previously lowered in our report dated 7/13/16. During the conference call on 8/4/16, management indicated a shift toward compliance-driven sales from security-driven sales, which has resulted in fewer large, up-front purchases and more projects with phased deployments."
Shares of Imperva closed at $45.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Zions Bancorp (ZION) PT Lowered to $49 at FIG Partners Following 4Q EPS Beat
- American International Group (AIG) PT Lowered to $69 at UBS
- Starbucks Coffee (SBUX): Some Risk To Earnings - Buckingham Research
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!