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(Updated - August 16, 2016 9:17 AM EDT)
Oppenheimer initiated coverage on Tableau Software (NYSE: DATA) with an Outperform rating and a price target of $62. Analyst Ittai Kidron sees the company as a leader in business intelligence applications.
Kidron explained, "Our thesis is based on (1) the growing importance and adoption of BIA tools across all business functions; (2) expansion opportunities in Data Integration and Quality, and Advanced Analytics; (3) new customer additions, deeper account penetration, and sales productivity gains; (4) a compelling TCO advantage; and (5) the longterm benefits from the accelerating adoption of Tableau Online (ratable revenue). While we're bullish, there's a 'show me' element in play as management focuses on improving sales force productivity and as recent shifts in product mix toward SaaS/ Online delay revenue recognition and weigh on profitability. We see this shift as necessary and positive longer-term."
Shares of Tableau Software closed at $54.63 yesterday.
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