Morgan Stanley Sees Steady Progress With Q1 Beat for Brightcove

In a report published Thursday, Morgan Stanley analyst Jennifer Swanson Lowe reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Q1 results beat ests. but no change to CY14 rev. guide may mute enthusiasm. We believe Q1 upside makes guidance look increasingly conservative, while BCOV shares remain among the least expensive in SaaS at 1.6x EV/CY15e sales, but we are lowering our base case from $13 to $10 to reflect the broader pullback in the peer group.” Brightcove closed on Wednesday at $8.62.