UPDATE: Deutsche Bank Initiates Eloqua with Buy and $20 PT; Leading Revenue Performance Management

Deutsche Bank initiated its coverage on Eloqua ELOQ with a Buy rating and a price target of $20 a share. Deutsche Bank commented, "We believe that Eloqua's TAM is currently ~$14b and could reach $24b by 2020. Although TAM is only expected to grow at a 7% CAGR, as the leader in the space we believe Eloqua could take market share and grow at a 26% CAGR during that time. These estimates would imply <1% penetration rate currently, but only reaching 2% by 2020." Eloqua closed at $14.44 on Friday.