Needham & Company Cuts Price Target on Imperva (IMPV) Following 3Q
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Needham & Company maintained a Buy rating on Imperva (NYSE: IMPV), and cut the price target to $43.00 (from $64.00), following the company's 3Q earnings report. After the material guide-down last quarter, the results for IMPV were a solid “beat”, with $68.4m and $0.08 EPS well above $63.2m and ($0.16) loss per share consensus. CY16 was raised by +6.5m at the midpoint, and CY16 loss per share was narrowed by $0.43 to a loss range of (0.38) to (0.35) LPS.
Analyst Scott Zeller commented, "IMPV will “go it alone” after officially ending the strategic review, and has announced a restructuring to align expenses with growth in the 20% range. News of a sale process peaked shares in early Oct near $53, and shares have fallen to near $35 in late Oct on reports the process was halted. At $35, we believe shares have reverted back to trading on fundamentals. While fundamentals have shown stabilization, mgmt remains cautious; guidance was raised incrementally for CY16. CY17 broad strokes suggest “at least 20%” revenue growth, in-line with consensus. We believe shares may grind higher in CY17 off a lowered bar as IT security spending on compliance remains solid. Trimming CY17 estimates, lowering PT to $43 (4x EV/CY17 revenue), appropriate in our view for a 20-25% revenue grower in network security. Maintain BUY."
Shares of Imperva closed at $35.10 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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