UPDATE: Wells Fargo Upgrades Jive Software to Outperform on Share Pullback
Wells Fargo raised its rating on Jive Software (NASDAQ: JIVE) from Market Perform to Outperform as it believes shares are currently undervalued.
Wells Fargo noted, "We upgrade Jive Software to Outperform from Market Perform as we believe the 50% share price retracement from its 2012 high in April, back to the mid-teens (vs. S&P 500's 3% gain) has created an attractive entry point. We think Jive is leveraged to a number of positive secular trends around engagement apps, Big Customer, and the consumerization of IT by bizumers. In our view, Jive should be able to grow at least 25-30% over the next few years as customers adopt their technology for both customer facing social CRM as well as internal productivity scenarios."
Jive Software closed at $14.89 on Monday.
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