Imperial Capital Reiterates Outperform on Imperva (IMPV) Following 3Q
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Imperial Capital reiterated an Outperform rating and $50.00 price target on Imperva (NYSE: IMPV) following the company's 3Q earnings report. After the market close, IMPV reported revenue of $68.4mn and adjusted EPS of $0.08, compared with the Street's previous revenue estimate of 63.1mn and net loss per share estimate of 0.16.
Analyst Michael Kim commented, "We are maintaining our Outperform rating on IMPV shares and our one-year price target of $50. Our price target implies potential upside of 28% above recent levels. IMPV completed its previously announced review of strategic alternatives and concluded that it should remain a standalone company. While we believe investors had considered the possibility of a strategic consolidation, we positively view the company’s stronger-than-expected turnaround in 3Q16 and improving cost structure. On 11/3/16, concurrent with 3Q16 results, IMPV announced the implementation of a restructuring initiative, which could result in annualized cost reductions of $15m by the end of 4Q16."
Shares of Imperva closed at $38.95 yesterday.
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