RBC Capital Raises Price Target on Quotient Technology (QUOT) Following 2Q Beat
RBC Capital reiterated a Sector Perform rating on Quotient Technology (NYSE: QUOT), and raised the price target to $11.00 (from $8.00), following the company's 1Q earnings report. QUOT reported revenue of $66.1MM, materially higher than the Street's $60.7MM estimate. Management expects revenues for 2Q to be between $62-$64MM, vs. the Street's $61MM. Management raised the FY16 guidance mid-point by a bit more than the beat, which RBC believes is likely a bit conservative.
Analyst Mark Mahaney commented, "QUOT reported a Beat & Raise Q1, with revenue just above the high-end of guide. Upside was driven by record transaction growth, which led to outperformance from Digital Promotions Revenue. Raising ests; PT to $11. Maintain Sector Perform, but incrementally more positive."
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Shares of Quotient Technology closed at $11.34 yesterday.