UPDATE: FBN Securities Initiates Qlik Technologies at Sector Perform on European Weakness

FBN Securities initiated coverage on QLIK Technologies

with a Sector Perform rating and a $24 price target. FBN Securities commented, "The company offers a strong data discovery/visualization solution (especially strong in visual drill-down and support) while it still needs to improve its analytics capabilities to better compete with the likes of TIBX and others. Although growth has remained strong on a constant currency (24% in FQ2) basis even after the recent FQ2 earnings miss, and although the company notes that its pipeline remains strong, it is vulnerable to further weakness in Europe (considering that Europe accounted for 57% of revenue in FQ2 and the region is clearly slowing down) as well as lower close rates and longer selling cycles." Qlik Technologies closed at $22.93 on Wednesday.