Oppenheimer Reiterates Outperform on Tableau Software (DATA) Following Recent User Survey
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Oppenheimer reiterated an Outperform rating and $55.00 price target on Tableau Software (NYSE: DATA) following a recent survey at user conference. Of the 40 surveyed, 20 expected growth, far outweighing the two expecting a decline. Five users (12%) indicated they deploy Online and six (15%) anticipate adding/expanding their Online exposure in 2016. Eight customers (20%) specifically noted cost as a concern and as a reason for their flattish 2017 spending expectations and/or as a reason for evaluating/using other solutions.
Analyst Ittai Kidron commented, "We surveyed 40 customers at Tableau's recent user conference and come away encouraged. The results suggest a committed customer base that has a clear positive spending bias with Tableau over the next 12 months. User comments were positive on Tableau's current product portfolio, and there was excitement over the new capabilities coming in 2017, especially for Hyper and Project Maestro. While there's some push-back on price and Microsoft's a growing competitive threat, we don't sense the concerns put Tableau at risk of material displacement (some deployments may be limited in scope and/or shared across multiple vendors). Overall, we believe the product road-map is strong, and the muted near-term top-line growth (macro/ ratable shift) masks healthier underlying demand for Tableau's solutions. Maintain Outperform on the long-term view."
Shares of Tableau Software closed at $46.00 yesterday.
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