Upland Software (UPLD) Adjusts 2015 Guidance Following 3Q; Needham & Company Reiterates Buy
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Rating Summary:
2 Buy, 5 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Needham & Company reiterated a Buy rating and $12.00 price target on Upland Software (NASDAQ: UPLD) following the company's 3Q earnings report. Management was relatively upbeat on the call, especially around EBITDA outperformance and the health of the M&A pipeline. Management tightened F15 revenue guidance to $68.9-69.9 million (from $68.6-71.6 million) and adjusted EBITDA guidance to $3.5-4.1 million (from $3.4-4.4 million).
Analyst Michael Huang commented, "Upland Software delivered a decent albeit nonspectacular quarter, highlighted by solid customer acquisition (added 120 customers and 8 major accounts vs. 81 and 10 in 2Q vs. 102 and 13 in 1Q), expanding EBITDA margins (up 240 bps), raised FY15 EBITDA guidance (by $600K at the midpoint), continued product innovations, ramping expansion/cross-sell activity, and pipeline strength. On the unimpressive side, revenue was slightly below expectations and guidance was lowered at the midpoint of the range (by $700K), likely reflecting management’s focus on optimizing EBITDA at the expense of organic growth."
For an analyst ratings summary and ratings history on Upland Software click here. For more ratings news on Upland Software click here.
Shares of Upland Software closed at $7.85 yesterday.
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