Needham & Company Downgrades Hortonworks (HDP) to Hold
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Needham & Company downgraded Hortonworks (NASDAQ: HDP) from Buy to Hold.
Analyst Richard Kugele commented, " If HDP were another company, with a long track record of execution and delivering on bold goals that require some faith, the relatively minor top and bottomline miss in 2Q could perhaps be overlooked. However, as a comparatively new public company with a deficit in the consistency department, there will likely be no quarter offered by investors today. 3Q guidance below the Street does not help matters, nor that the reiterated target of adjusted EBITDA breakeven in 4Q creates a higher hurdle, nor the resignation of the President and COO. Consequently, we are downgrading to Hold from Buy, with upcoming potential catalysts of adjusted EBITDA breakeven, OCF breakeven 3-6 months later, and the strategic value of HDP to partners such as MSFT likely providing some support to the stock over time."
Shares of Hortonworks closed at $12.63 yesterday.
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