Oppenheimer Remains Bullish on Imperva (IMPV) Following 1Q Beat
Oppenheimer maintained an Outperform rating on Imperva (NYSE: IMPV), and cut the price target to $60.00 (from $70.00), following the company's 1Q earnings report. Revenue came in at $59.8M, ahead of the consensus of $59.5M. EPS of $0.20, bested the Street's $0.28 estimate. 2Q16 revenues were guided $65.5-66.5M and EPS to ($0.02)- ($0.04).
Analyst Shaul Eyal commented, "IMPV's 1Q16 results were mixed but continued to show positive momentum in subscription-based products and the Americas. While EMEA was certainly a headwind in the off-season first quarter, strengthening cyber security regulations set to launch across Europe in 2017 may present IMPV with low-hanging fruit. Fruition in IMPV's development continues to expand the company's addressable market after recently deploying CounterBreach, IMPV's debut product to the User Behavior Analytics market. While EMEA remained a challenge, IMPV demonstrated strong performance in large deals and continued to penetrate large enterprises in the Global 2000. We believe the after-hours plunge -18.5% is highly unwarranted given a mostly in-line quarter. While we maintain our Outperform rating, we are lowering our PT to $60 from $70 to account for industry multiple contractions."
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Shares of Imperva closed at $45.47 yesterday.