Wells Fargo Upgrades Jive Software (JIVE) to Outperform, Pullback Creates Buying Opportunity
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Price: $97.66 +0.11%
Rating Summary:
3 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo upgraded Jive Software (NASDAQ: JIVE) from Market Perform to Outperform with a valuation range of $21-$23.
The firm comments, "We upgrade Jive Software to Outperform from Market Perform as we believe the 50% share price retracement from its 2012 high in April, back to the mid-teens (vs. S&P 500's 3% gain) has created an attractive entry point. We think Jive is leveraged to a number of positive secular trends around engagement apps, Big Customer, and the consumerization of IT by bizumers. In our view, Jive should be able to grow at least 25-30% over the next few years as customers adopt their technology for both customer facing social CRM as well as internal productivity scenarios."
Wells modestly trims FY2012 and FY2013 revenue forecast as we are assuming 1) faster shift toward pure cloud deployments, 2) lower contribution from professional services, and 3) modest changes in the go to market strategy.
For an analyst ratings summary and ratings history on Jive Software click here. For more ratings news on Jive Software click here.
Shares of Jive Software closed at $14.89 yesterday.
The firm comments, "We upgrade Jive Software to Outperform from Market Perform as we believe the 50% share price retracement from its 2012 high in April, back to the mid-teens (vs. S&P 500's 3% gain) has created an attractive entry point. We think Jive is leveraged to a number of positive secular trends around engagement apps, Big Customer, and the consumerization of IT by bizumers. In our view, Jive should be able to grow at least 25-30% over the next few years as customers adopt their technology for both customer facing social CRM as well as internal productivity scenarios."
Wells modestly trims FY2012 and FY2013 revenue forecast as we are assuming 1) faster shift toward pure cloud deployments, 2) lower contribution from professional services, and 3) modest changes in the go to market strategy.
For an analyst ratings summary and ratings history on Jive Software click here. For more ratings news on Jive Software click here.
Shares of Jive Software closed at $14.89 yesterday.
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