BTIG Affirms Barracuda Networks (CUDA) at 'Buy' Following Solid Q1 Results, Outlook
Barracuda Networks (NYSE: CUDA) with a Buy rating and $20 price target following Q1 results and outlook issued Thursday night.
Analyust Joel Fishbein commented today: Revenue, billings and EPS all came in ahead of expectations, suggesting that Barracuda’s business has stabilized. Management appears to be handling the company’s transition well as the product portfolio and sales force are now fully aligned with the priorities of SMB security buyers (Office 365 protection, public cloud security and MSPs). We raise numbers to account for this quarter’s outperformance, think guidance is conservative and (as we put forward in our update a few weeks ago) believe the company can achieve double-digit revenue growth by FY18.
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