Jefferies Raises Price Target on Medidata Solutions (MDSO) to $41; Reiterates Underperform
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Jefferies reiterated an Underperform rating on Medidata Solutions (NASDAQ: MDSO), and raised the price target to $41.00 (from $36.00), following the company's 3Q earnings report. Management's reaffirmed guidance and optimistic view of current demand is underpinned by a steady stream of competitive displacements in EDC, growing demand for Balance and CTMS, and new automation opportunity in Payments.
Analyst David Windley commented, "Solid 3Q earnings and a reaffirmed FY16 guidance indicate business is progressing to plan near term. Recent enterprise deals should continue their revenue ramp in FY17 and should slightly accelerate revenue growth. Management's LT commentary was bullish, but we believe the stock discounts revenue growth acceleration that will be hard to attain. We raise our PT to $41, but maintain Underperform."
Shares of Medidata Solutions closed at $49.42 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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