Leerink Partners Cuts Price Target on Imprivata (IMPR) Following 3Q Pre-Announcement
Leerink Partners maintained an Outperform rating on Imprivata (NYSE: IMPR), and cut the price target to $20.00 (from $23.00), following pre-announced 3Q15 results. Revenues are now expected be $28.9-29.2m vs. prior guidance of $31-31.5m, a decrease of 7%. Non-GAAP EPS are seen at ($0.23) to ($0.22) vs. prior guidance of ($0.22) to ($0.20).
Analyst Steven Wardell commented, "After the close today Imprivata negatively pre-announced 3Q15 results stating that revenues are now expected be $28.9-29.2m vs. prior guidance of $31-31.5m, a decrease of 7%. Non-GAAP EPS are seen at ($0.23) to ($0.22) vs. prior guidance of ($0.22) to ($0.20). We reduce our estimates and lower our price target from $23 to $20, but remain Outperform based on strong market demand and Imprivata's market positioning."
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Shares of Imprivata closed at $17.31 yesterday.