Piper Jaffray Raises Price Target On Informatica Corp. (INFA)
Piper Jaffray is raising its price target on shares of Informatica Corp. (NASDAQ: INFA) to $40 from $37 and has a Neutral rating on shares.
In a note to clients, Piper Jaffray writes, "Our checks in the Informatica ecosystem indicate the company closed out 2010 with a strong Q4. Specifically, contacts indicate that: 1) INFA closed "a ton" of seven-figure transactions; 2) newer products such as Master Data Management (MDM) and Information Lifecycle Management (ILM) are rapidly building momentum; and 3) 2011 pipelines look solid as INFA pushes its internal thinking beyond the $1B revenue milestone and toward multi-billion-dollar territory. As an additional sign of strength, we note that INFA's Sales hiring surged 91% y/y in Q4. Expect upside; maintain Neutral rating solely due to valuation."
Shares of INFA gained $1.39 yesterday to close at $43.79, a gain of 3.28%.
