Tableau Software (DATA): Cutting PT Ahead Of Earnings - Wedbush
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Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Tableau Software (NYSE: DATA) but reduced his price target to $65 from $70.
The analyst remains positive on DATA shares due to valuation (trading at 3.4x EV/FY16E revenue) and the company’s appointment of a senior AWS executive (Adam Selipsky) as CEO in late August. However, he suggests waiting until after 3Q results to gain clarity on the trend for DATA’s ratable bookings mix before accumulating shares.
The 3Q checks suggest that ratable/subscription activity continues to expand modestly. On balance, the checks were positive, but a few contacts saw lower activity levels Y/Y. Quarterly checks were relatively anecdotal, and DATA’s progress with expansion deals sold directly will be more important for results.
DATA has a lot of work to do to build more enterprise selling capability at all levels of its sales organization and the analyst thinks the company has made some progress with a more flexible approach to large deal structures and pricing, which can continue to reaccelerate sales activity from a 1Q trough and create modest revenue upside from current consensus estimates.
Shares of Tableau Software closed at $48.93 yesterday.
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