UPDATE: William Blair & Company Upgrades SciQuest to Outperform Following Executive Meetings

In a report published Tuesday, William Blair & Company analyst Bhavan Suri upgraded the rating on

from Market Perform to Outperform. In the report, William Blair & Company noted, “We are upgrading SciQuest to Outperform from Market Perform. After meeting with Stephen J. Wiehe, president and chief executive officer, and Rudy C. Howard, chief financial officer, we are incrementally more confident that the company can accelerate revenue growth to 20%-plus and eventually reach non-GAAP operating margins of 20%-plus. Our confidence in the company's revenue growth acceleration is because of multiple catalysts that we believe will play out over the next year.” SciQuest closed on Monday at $22.22.