UBS Remains Bullish on Tableau Software (DATA) Following Announced Management Changes
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UBS reiterated a Buy rating and $67.00 price target on Tableau Software (NYSE: DATA) following the company's announcement that it has named Adam Selipsky as its new President and CEO, effective September 16. Current CEO Chabot is to remain as Chairman. DATA also announced changes to its technical leadership, all of which involved internal promotions of long-tenured employees.
Analyst Brent Thill commented, "After the close, DATA named 11-yr AWS veteran Adam Selipsky as its new President and CEO, effective September 16. While we found the announcement surprising given DATA had specifically been searching for a new head of sales (with expanded scope of President-level responsibilities), and not a CEO, we believe the appointment is highly expansionary to the current bench, as current CEO Chabot is to remain Chairman and still stay heavily involved in LT strategy, customer engagement. In our view Mr. Selipsky's addition to the ranks not only brings immediate credibility (and expert guidance) to DATA's Cloud transition, but also bolsters the necessary operational and go-to-market mechanisms DATA will require to advance towards its next phase of growth. Mr. Selipsky brings to bear an uninterrupted tenure of running AWS' global marketing, sales, support functions since its inception (he was one of two senior execs in place since AWS' launch), and where DATA's relationship with AWS is likely to only strengthen subsequent to this announcement. With fortified leadership and QLIK's take-private enhancing DATA's "scarcity value", we believe bearish views on DATA's competitive positioning should abate and position shares to re-rate. Reiterate Buy."
Shares of Tableau Software closed at $54.87 yesterday.
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