Imperial Capital Raises Price Target on Qualys (QLYS) to $40 Following 3Q Beat
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Imperial Capital reiterated an Outperform rating on Qualys (NASDAQ: QLYS), and raised the price target to $40.00 (from $38.00), following the company's 3Q earnings report. QLYS reported revenue of $51.0mn and adjusted EPS of $0.22, compared with the Street revenue estimates of $50.7mn and adjusted EPS estimates of $0.19.
Analyst Michael Kim commented, "We are maintaining our Outperform rating on QLYS shares and raising our one-year price target to $40 from $38 based on comparable valuation. Our price target implies potential upside of 14% above recent levels. We are encouraged by early adoption of the company’s newer solutions, Cloud Agent (over 1.3mn agents purchased LTM) and ThreatProtect, which achieved bookings growth of nearly 50% and about 90% sequentially, respectively. Of particular note, average transaction size increased 22% year-over-year (yoy), highlighting the company’s expanded capabilities."
Shares of Qualys closed at $35.10 yesterday.
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