Tableau Software (DATA): Still Trying To Crack The Enterprise - Wedbush
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Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Tableau Software (NYSE: DATA) but cut his price target to $53 from $65 nothing that the company has not cracked the code for Enterprise Selling.
Perhaps more importantly, a higher ratable bookings mix (without incremental clarity on the long-term fundamentals) materialized in guidance. The analyst is incrementally more cautious about DATA, but is maintaining his rating based on two catalysts:
1) recruitment of a global sales leader
2) a multi-year transition plan which we expect to accompany the 4Q earnings call
Checks and valuation remain generally favorable at 3.6x EV/FY17E revenue even before expected negative price action.
Shares of Tableau Software closed at $49.51 yesterday.
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