UPDATE: FBN Securities Reiterates Sector Perform Rating, Raises PT on Qlik Technologies on Strong Report
In a report published Friday, FBN Securities reiterated its Sector Perform rating on Qlik Technologies (NASDAQ: QLIK), and raised its price target from $20.00 to $27.00.
FBN Securities noted, “After missing expectations in FQ2 2012, QLIK ended the year with a very strong report. We are not upgrading the stock, however, as we believe that the stock will open significantly higher (near $26-27) and not leave enough upside to our new price target of $27. We think that investors can capitalize on this report by investing in our Outperform-rated Big Data stocks: INFA, SPLK, TIBX and BIRT. We applaud QLIK for 1.) rebounding from the Q2 stumble, 2.) posting a strong increase in large deals (e.g. deals over $250K were up 49% Y/Y to 52, and there were several over $1M deals), 3.) better penetrating the enterprise (indirect % of license and FY maintenance declined to 51% from 61% in FQ3; this means the % of direct, which is mostly enterprise, grew), and 4.) exhibiting very strong Q/Q growth rates in the Americas (up 62% Q/Q we estimate) and EMEA (up 65% Q/Q we estimate). We think that shares of QLIK itself could become attractive in the low $20s.”
Qlik Technologies closed on Thursday at $22.76.
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