UPDATE: Goldman Sachs Downgrades Hortonworks (HDP) to Sell
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(Updated - October 13, 2016 9:06 AM EDT)
Goldman Sachs downgraded Hortonworks (NASDAQ: HDP) from Buy to Sell with a price target of $7.00 (from $13.00). Analyst Jesse Hulsing noted cloud risk and concerns that consensus billings estimates are too high for FY17.
The analyst explained, "Our initial Buy thesis of ongoing Hadoop adoption sustaining growth and improved efficiency due to a higher mix of expansions has been wrong. Moving forward, we see risks to both near-term estimates and to HDP’s longer-term growth profile. As such, we lower our FY17/FY18 sales estimates, which are now 0.2%/9% below consensus. The combination of these factors leads us to believe HDP will underperform our Emerging Software Attractive coverage view. We downgrade HDP to Sell from Buy and lower our 12-month price target to $7.00 from $13.00, implying 20% downside risk vs. +4% upside for our coverage."
Shares of Hortonworks closed at $7.46 yesterday.
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