UPDATE: Goldman Sachs Initiates Qlik Technologies at Neutral on Organic Slowdown

Goldman Sachs initiated coverage on Qlik Technologies

with a Neutral rating. Goldman Sachs noted, "While we believe QLIK's market opportunity is supportive of greater than 20% growth for a sustainable period, the recent slowdown in organic constant currency license growth (from 52% yoy in 3Q11 to 18% yoy in June) alongside the high European exposure (approximately 57% of revenues) keeps us on the sidelines for now. We believe consensus is achievable and see increasing success within larger enterprise as a potential for upside. We also expect QLIK to add capabilities (such as in-database analysis) in the coming future to better address the opportunity." Qlik Technologies closed at $21.72 on Thursday.