Pacific Crest Downgrades Hortonworks (HDP) to Sector Weight
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Pacific Crest downgraded Hortonworks (NASDAQ: HDP) from Overweight to Sector Weight and removed its price target. Analyst Brent Bracelin said its billings shortfall elevates execution risks.
"The $6.2 million billings shortfall, coupled with the departure of the president, adds a significant amount of execution risk to management's goal of reaching adjusted EBITDA breakeven by year end. We are downgrading our rating to Sector Weight to reflect increasing company-specific risk and limited confidence that the internal challenges can be fixed in one quarter," said Bracelin.
Shares of Hortonworks closed at $12.63 yesterday.
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