Rosenblatt Reiterates Buy on Zendesk (ZEN) Ahead of 3Q Report
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Rosenblatt reiterated a Buy rating and $33.00 price target on Zendesk (NYSE: ZEN) ahead of the company's 3Q earnings report. Management raised operating income guidance from a loss of $27M-$28M to a loss of $21M- $23M and revenue guidance from a midpoint of $302.5M to $308M on their last earnings report.
Analyst Kirk Adams "Zendesk reports 3Q16 earnings next month and our research shows that business remains strong at the SMB level and we believe they continue to make good progress against their goals for their enterprise business. Last quarter, they raised their revenue outlook for this quarter and the remainder of the year. We anticipated faster growth in our June note where we raised their overall growth rate and price target. They are increasing their gross and operating margins, balancing their spend well with their revenue growth, and spending to improve their operations and future revenues."
Shares of Zendesk closed at $30.37 yesterday.
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