Jefferies Raises Price Target on Mimecast Limited (MIME) to $29; Reiterates Buy
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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."
Shares of Mimecast Limited closed at $21.37 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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