Needham & Company Raises Price Target on Exa (EXA) Following 2Q Earnings Report
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Needham & Company reiterated a Buy rating on Exa Corporation (NASDAQ: EXA), and raised the price target to $16.50 (from $15.00), following the company's 2Q earnings report. Revenues came in at $17.1M, slightly below the Street's $17.3M estimate and at the low end of guidance. Non-GAAP loss totaled $0.02, better than Street expectations of a $0.06 loss.
Analyst James Ricchiuti commented, "FQ2 revenues increased 11% y/o/y (8% on a constant currency basis), slightly below consensus, while adjusted EBITDA more than doubled y/o/y, above the upper end of guidance. Continued solid low teens growth in license revenue offset a weaker showing in project revenue, which fell 7% y/o/y. The strength in license revenue reflected ongoing healthy demand in the passenger vehicle market, particularly in North America and Japan. Guidance for FQ3 revenue was in line with expectations, while adjusted EBITDA guidance was slightly below consensus. Mgmt reaffirmed its F17 revenue outlook, which assumes 12-16% growth, and bumped up its guidance for adjusted EBITDA margins to 7-8% from 6-8%. EXA continues to demonstrate solid license revenue growth with improving profitability. Maintain Buy."
Shares of Exa Corporation closed at $15.51 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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