UPDATE: JP Morgan Raises PT on SolarWinds to $35
J.P. Morgan reiterates its Overweight rating on SolarWinds, Inc. (NYSE: SWI) after attending analyst day at the company on Tuesday. Price target is raised to $35 from $33 a share previously.
According to J.P. Morgan, “Long term target – grow license revenue 20+% for next 3-5 years. Management believes their market opportunity should allow license growth of 20%+ for the next 3-5 years, though this was not offered as guidance. 2012 guidance above consensus. Revenue for FY12 is expected to be in the range of $242-249M (23-27% y/y growth) on license of $107-110M (17-20% y/y growth) with non-GAAP operating margins of 50% (consistent with prior long-term guidance), versus consensus of $238M revenue. “
SWI closed at $29.49 on Tuesday.
