Needham & Company analyst Mayank Tandon reiterated a Buy rating and boosted its price target on Ellie Mae (NYSE: ELLI) to $75.00 (from $60.00) after the company "crushed" estimates in Q1 and lifted its outlook.

Tandon commented, "ELLI kicked off FY15 in spectacular fashion, crushing 1Q estimates and raising FY15 guidance well above expectations. We believe the positive results and guidance underscore the strong demand from mortgage lenders to automate and streamline the mortgage loan origination process, ELLI’s successful push into the mega lender market, and market share gains. We believe the opportunity remains large with high barriers to entry, positioning ELLI for robust multi-year revenue growth as it penetrates the market with its flagship Encompass SaaS platform. We are increasing our FY15 and FY16 estimates and reiterating our BUY rating and raising our target to $75."

The firm raised FY 2015 EPS from $0.88 to $1.10 and FY 2016 EPS from $1.25 to $1.47.

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Shares of Ellie Mae closed at $55.00 yesterday.