Imperial Capital Cuts Price Target on Imperva (IMPV) to $50 Following 2Q; Reiterates Outperform
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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.
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