UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Qlik Technologies on Fresh Data Points

In a report published Friday, BMO Capital Markets analyst Karl Keirstead reiterated an Outperform rating on Qlik Technologies

, and raised the price target from $31.00 to $35.00. In the report, Keirstead noted, “The data points on Qlik and the broader BI 2.0 space remain positive, with more sources flagging a spending mix shift to next-generation analytics tools that empower the business user. Qlik appears to be on the right side of several big trends (to improve the user experience, to better utilize data and to deploy faster in-memory technology), it remains an attractive take-out candidate, in our view, and our checks at Sapphire suggest that SAP's rival Visual Intelligence product (now renamed Lumira) has little traction. While Qlik shares are up by 34% year to date and 70% since mid-November, the stock still seems reasonably-valued at ~4x our 2014 revenue estimate given the potential for 20%+ license sales growth in 2013 and the better performance over the last two quarters.” Qlik Technologies closed on Thursday at $29.10.