Needham & Company analyst Michael Huang reiterated a Buy rating and $11 price target on Five9, Inc (NASDAQ: FIVN) following solid Q1 results.

Huang comments, "Five9 delivered a solid first quarter out of the gate, highlighted by rev/EPS upside, upside guidance and suggestions of accelerated growth in F15. We're encouraged by suggestions of favorable win rates, the magnitude of the market opportunity, compelling secular trends (compelling contact center replacement cycle), increasing partner leverage, and notable gross margin expansion, all of which reflects favorable underlying trends that we expect to persist unimpeded for the foreseeable future. We believe current valuation (2.1x EV/14Rev and 1.7x EV/15Rev) understates the premium growth rates, the health of current trends and numerous opportunities ahead."

The firm maintained FY 2014 EPS at ($1.06) and raised FY 2015 EPS slightly from ($0.74) to ($0.71).

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Shares of Five9, Inc closed at $5.60 yesterday.