KeyBanc Upgrades Qlik Technologies (QLIK) to Overweight
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KeyBanc upgraded Qlik Technologies (NASDAQ: QLIK) from Sector Weight to Overweight with a price target of $34.00. Analyst Brent Bracelin noted more attractive valuation and potential for product expansion.
"After attending multiple events over the past month, we are turning more bullish on the prospects of Qlik Sense, NPrinting and QlikView sustaining double-digit growth rates. We now believe Qlik Sense license revenue can triple to $205 million by 2018 as the $16.5 billion BI industry transitions to self-service tools," said Bracelin.
"We are upgrading our rating on QLIK to Overweight from Sector Weight based on: (1) the model reset after issuing conservative 2016 growth and margin guidance, (2) a valuation reset across the data analytics group, (3) an uptick in customer feedback at a recent industry conference, (4) a downtick relative to the threat of Power BI and Amazon causing disruption, and (5) a favorable risk/reward ahead of the Qonnections user conference May 2-4, with downside support given activism activity," added the analyst.
Shares of Qlik Technologies closed at $26.99 yesterday.
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