UPDATE: Goldman Sachs Downgrades Hortonworks (HDP) to Sell
- Wall Street dips as Verizon drags; AmEx curbs losses
- Unusual 11 Mid-Day Movers 10/20: (DRWI) (MBRX) (SPU) Higher; (RIGL) (FLXS) (DXPE) Lower
- Tesla (TSLA) Announces Self-Driving Hardware for All Vehicles in Production; Includes Model 3
- Walgreens Boots Alliance (WBA) Tops Q4 EPS by 8c; Guides FY17 EPS
- Verizon Communications (VZ) Tops Q3 EPS by 2c
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium 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
- Wedbush Cuts Price Target on eBay (EBAY) Following 3Q Beat
- BMO Capital Raises Price Target on American Express (AXP) to $75; Reiterates Market Perform
- Halliburton (HAL) PT Raised to $61 at Nomura Following Q3
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!