UPDATE: Drexel Hamilton Upgrades Qlik Tech From Hold to Buy, Reiterates $30 PT
In a report published earlier today, Drexel Hamilton, LLC upgraded its rating for Qlik Tech (NASDAQ: QLIK) from Hold to Buy, and reiterated its $30.00 price target.
Drexel Hamilton said its decision “is based on a 15x EV/EBITDA (FTM) multiple plus a premium for being what we consider a potential acquisition candidate. We think investors may have overestimated the potential impact form the worldwide economic challenges as observed by the 21% drop in share prices for Qlik Technologies since the beginning of May compared to a 4% and 6% pullback in the S&P 500 and NASDAQ indices, respectively, during the same time period. We think this pullback makes an attractive entry point for new investors.
Qlik Tech closed on Friday at $21.65.
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