Tableau Software (DATA): Winning The Popular Vote - Wedbush
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Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Tableau Software (NYSE: DATA) after attending DATA’s 2016 user conference, where he spoke with management at an investor lunch and partners at the show.
The event supported his confidence in DATA’s product differentiation, pace of innovation, and customer satisfaction. However, it also pointed to the many moving parts impacting financial performance, such as the pace of its transition to ratable revenue and the company’s ability to close large expansion deals.
The analyst thinks that at DATA’s current valuation (3.2x EV/FY17E revenue), downside is limited, and if the company can accelerate its pace of license bookings growth from 8% in 3Q, there could be significant upside. DATA’s recruitment of a global sales leader and potential disclosures concerning its multi-year transition plan (e.g., on its 4Q call) could also be positive catalysts.
No change to the price target of $53.00
Shares of Tableau Software closed at $46.20 yesterday.
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