UPDATE: Barrington Research Reiterates Outperform Rating, Lowers PT on Bottomline Research as Q1/15 is Better Than Expected

In a report published Tuesday, Barrington Research analyst Gary Prestopino reiterated an Outperform rating on

, but lowered the price target range from $35.00-$40.00 to $30.00-$35.00. In the report, Barrington Research noted, “EPAY's Q1/15 core EPS results of $0.37 exceeded both our expectations and consensus expectations. Q1/15 results included an increase in revenue of 21% to $81.3 million with a core EPS increase of 32% to $0.37. Adjusted EBITDA increased 29.6% to $17.4 million. Our estimates included revenue of $79.9 million and core EPS of $0.33, while First Call consensus expectations included revenue of $80 million and core EPS of $0.33. Financial highlights for Q1/15 include subscription and transaction revenue growth of 30% to $40.9 million with a recurring revenue increase of 3% to $60.9 million. Recurring revenue totaled 75% of revenue in the quarter." Bottomline Technologies closed on Tuesday at $25.02.