Oppenheimer Remains Bullish on Mimecast Limited (MIME) Following Solid 1Q
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Oppenheimer reiterated an Outperform rating and $15.00 price target on Mimecast Limited (NASDAQ: MIME) following the company's 1Q earnings report. MIME posted $0.04/$41M vs. the consensus LPS/revenue of ($0.04)/$39.9M. EBITDA came in at $1,9M, on a margin of 4.5%.
Analyst Shaul Eyal commented, "For F1Q17 (June '16), MIME posted $0.04/$41M, with revenue up 32% on a constant currency (cc) basis. Consensus had called for a loss of ($0.04) on $39.9M. The June quarter saw strong customer adds and revenue retention, and the company saw momentum from its Targeted Threat Protection (TTP) offering. A total of 16% of customers are using MIME in conjunction with Office 365 vs. 14% in 4Q16. We believe MIME is gaining customers as former users of McAfee's discontinued email security offering migrate to MIME (it sizes the McAfee opportunity at $80-$100M). We believe MIME's powerful multi-tenancy platform is a competitive differentiator, enabling it accelerate revenue growth and expand EBITDA margins. Reiterate Outperform and $15 target."
Shares of Mimecast Limited closed at $12.64 yesterday.
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