DA Davidson Raises PT to $28 on Bottomline Technologies

DA Davidson maintains its Neutral rating on Bottomline Technologies

on valuation grounds and raises its price target to $28 from $26 to reflect steady progress and solid execution from the company. DA Davidson says, "Total revenue increased 24.4% to $55.1 million, which was $1 million ahead of our estimate. Subscription and transactions were the source of the outperformance and were up 46.2% from a year ago. Software Licenses increased 5.3% from a year ago. Excluding acquisition-related expenses, stock compensation, and acquired amortization, core EPS was $0.27, ahead of our $0.26 estimate and the $0.26 consensus." EPAY closed at $27.34 a share yesterday.