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Rally Software (RALY) PT Lifted to $32 on Solid Q2 - Needham & Company

September 6, 2013 11:29 AM EDT Send to a Friend
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Price: $10.51 -2.05%

Rating Summary:
    4 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 22 | New: 12
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Needham & Company boosted its price target on Rally Software Development (NYSE: RALY) from $25 to $32 following another solid quarter.

Analyst Michael Huang commented, "Rally delivered another solid quarter, highlighted by accelerated normalized billings growth up 55% y/y (vs. up 14% in Q1), notable perpetual license outperformance (likely some accelerated buying activity ahead of a roughly 30% price increase effective in 3Q), impressive marquee enterprise wins across verticals and geographies (large online retailer, auto OEM, DirectTV, and others), continued strong (albeit mildly worse) competitive win rates vs. IBM (won 92% of available dollars vs. IBM vs. 100% in Q1), continued impressive renewal rates (122% vs. 126% in 1Q), and notable examples of existing customer seat expansion (large consumer credit reporting firm nearly doubled its subscription licenses)."

The firm raised FY 2014 EPS from ($1.04) to ($0.87) and FY 2015 EPS was maintained at ($0.73).

For an analyst ratings summary and ratings history on Rally Software Development click here. For more ratings news on Rally Software Development click here.

Shares of Rally Software Development closed at $25.62 yesterday.




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