Wedbush Raises Price Target on SuccessFactors (SFSF), Anticipating Strong Q1 Results

Wedbush is maintaining its Outperform rating on shares of SuccessFactors (NASDAQ: SFSF), while it raising its price target from $35 to $40.

The company is expected to release its Q1 results on April 26 after the close and the firm is anticipating that it will revenue of $63 million. The company released its guidance with a range of $62.5-$63.5 million and the consensus is $63.1 million.

The firm and consensus expect earnings to be flat for the quarter with operating cash flow of $13.9 million and free cash flow of $11.9 million.

Wedbush comments that, "We believe SFSF will continue to exceed consensus estimates over the next few quarters, but by how much could determine whether the shares will continue to outperform those of its peers in the short-term. Despite any short-term movements, we believe that any well-rounded tech portfolio should have at least some exposure to this name."

For more ratings news on SuccessFactors click here and for the rating history of SuccessFactors click here.

Shares of SuccessFactors closed at $39.96 yesterday.

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