Jefferies Cuts Price Target on Tableau Software (DATA) Despite 1Q Beat
Jefferies maintained a Hold rating on Tableau Software (NYSE: DATA), and cut the price target to $56.00 (from $65.00), following the company's 1Q earnings report. Non-GAAP EPS of breakeven on total revenue of $171.7M exceeded estimates of ($0.10) and $164M, while license revenue of $96.4M also exceeded Street expectations for $94.0M.
Analyst John DiFucci commented, "DATA exceeded 1Q estimates, though license revenue reflected another dramatic drop in growth and the stock traded off after hours. The unfavorable optics this Q should improve throughout the year as comps get easier. There appears to be a move to more ratable models, but investors may overestimate that impact. In addition, management indicated a more efficient approach to the model, which we view as appropriate at this time."
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Shares of Tableau Software closed at $50.98 yesterday.