UPDATE: Goldman Sachs Downgrades Hortonworks (HDP) to Sell
- Wall Street dips as telecoms slump; AmEx surges
- Microsoft (MSFT) Tops Q1 EPS by 8c
- AMD (AMD) Posts Q3 Operating EPS of 3c; Sees Q4 Revenue Down Sequentially
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- After-Hours Stock Movers 10/20: (CERC) (ALKS) (PFPT) (MSFT) Higher; (SKX) (RRGB) (AMD) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Cuts Price Target on Syntel, Inc. (SYNT) Following Weak 3Q
- Cowen Lifts PT on Lam Research (LRCX) to $100; Notes Strong Qtr., But WFE Run-Rate Not Sustainable
- Wedbush Cuts Price Target on Tractor Supply (TSCO) to $65 Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!