Needham & Company Cuts Price Target on eGain (EGAN) to $5 Following 4Q Earnings Call
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Rating Summary:
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Needham & Company maintained a Buy rating on eGain Corporation (NASDAQ: EGAN), and cut the price target to $5.00 (from $6.00), following the company's 4Q earnings call. Analyst Michael Huang said that there wasn’t much on the call to inspire investor confidence that near-term challenges and earnings volatility are likely to subside anytime soon.
Huang commented, "The Q4 earnings call was a relative non-event given the disappointing preannouncement last month and likely has already been baked into trough valuations. Unfortunately, there wasn’t much on the call to inspire investor confidence that near-term challenges and earnings volatility are likely to subside anytime soon, especially given a relatively abrupt transition to 100% cloud sales with less reliance on the Cisco channel. While we're still fans of the Customer Engagement market opportunity and applaud the move to pure Cloud, we don’t expect much incremental investor appreciation in the near term, even despite what seem to us to be non-sensical valuations and likely ultra conservative Street expectation."
For an analyst ratings summary and ratings history on eGain Corporation click here. For more ratings news on eGain Corporation click here.
Shares of eGain Corporation closed at $3.99 yesterday.
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