Jefferies Raises Price Target on Mimecast Limited (MIME) to $29; Reiterates Buy

November 10, 2016 9:42 AM EST
Get Alerts MIME Hot Sheet
Price: $21.42 -4.25%

Rating Summary:
    7 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated a Buy rating on Mimecast Limited (NASDAQ: MIME), and raised the price target to $29.00 (from $25.00), following the company's 2Q earnings report. Non-GAAP EPS of $0.04 on revenues of $44.4M exceeded the consensus estimate of ($0.02) and $41.8M. FY17 revenue guidance of $177.5-179.4M implies 32-33% constant currency growth, an increase from 30% prior guidance, and above consensus.

Analyst John DiFucci commented, "MIME easily exceeded F2Q expectations, growing rev at a higher rate than it has in yrs, increasing retention, and posting positive FCF. In addition, guidance was raised beyond the beat, as the co continues to benefit from (1) strong traction with its TTP, (2) customers’ migration to the Cloud and O365, and (3) McAfee's email security end-of-life. Maintain Buy and raise our PT to $29 from $25."

For an analyst ratings summary and ratings history on Mimecast Limited click here. For more ratings news on Mimecast Limited click here.

Shares of Mimecast Limited closed at $21.37 yesterday.

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