Imperial Capital Remains Sidelined on Barracuda Networks (CUDA) Following 1Q Report

July 11, 2016 8:27 AM EDT
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Imperial Capital reiterated an In-Line rating and $15.00 price target on Barracuda Networks (NYSE: CUDA) following the company's 1Q earnings report. The company reported revenues of $86.6M, ahead of the Street's $84M estimate. EPS was also reported above the Street at $0.20 vs $0.11.

Analyst Michael Kim commented, "We believe CUDA is achieving stronger momentum in the core business, buoyed by cloud email security, though we see continued growth headwinds from the legacy on-premise business, especially hardware appliances, due to the ongoing shift to cloud and virtual solutions. However, we think guidance for F2Q17 and FY17 could prove relatively conservative, given higher implied declines in appliance sales compared with recent results. EPS guidance implies a step down from F1Q17 due to planned growth investments, particularly sales and marketing. We expect CUDA to strategically exit from its non-core products during F2H17."

For an analyst ratings summary and ratings history on Barracuda Networks click here. For more ratings news on Barracuda Networks click here.

Shares of Barracuda Networks closed at $18.43 yesterday.

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