Needham & Company Maintains a 'Buy' on RightNow Technologies (RNOW); Recurring Revenues Shining More Brightly Through 2012

Needham & Company maintains a 'Buy' on RightNow Technologies (NASDAQ: RNOW) price target of $36.00

Needham analyst says, "We’re impressed by the strength of a couple key leading indicators – software current backlog growth (up 43% y/y vs. 38% y/y in Q2, 5th quarter in a row of accelerated growth) and new customer count (76 new customers vs. 71 new customers) - which suggests the direction of trends. Our sense is that RNOW is benefitting from a combination of factors - a compelling contact center replacement cycle, improved sales execution, a number of product cycles, competitive leadership in high volume B2C, and a rising preference for SaaS...For 2011, we’re revising up our recurring rev estimate to $187.6 million from $183.4 million but lowering our services revenue estimate to $38.3 million from $42.8 million and we’re revising our EPS estimate to $0.58 from $0.55."

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

Shares of RightNow Technologies closed at $28.83 yesterday.

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