Pacific Crest Upgrades Barracuda Networks (CUDA) to Overweight
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Pacific Crest upgraded Barracuda Networks (NYSE: CUDA) from Sector Weight to Overweight with a price target of $30. Analyst Rob Owens thinks the company made the necessary initial steps to refocus its product portfolio and sales teams.
"After enduring execution and visibility challenges, we see improved opportunity at Barracuda driven by renewed product alignment, fast-growing recurring revenue becoming a larger portion of the mix, and a leading public cloud strategy among SMB IT solutions," said Owens.
"We are seeing improved trends driven by alignment in the product set, new incentivizations toward virtualized solutions, and a cloud-centric channel marketing campaign with supporting solutions. While strong results in FQ1 helped corroborate this thesis, we believe the rest of F2017 sets up well now that there is a better handle on the non-core legacy business (now expected to be relatively flat) versus a fast-growing subscription revenue business," added the analyst.
Shares of Barracuda Networks closed at $22.63 yesterday.
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