UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Rocket Fuel Inc Following 4Q14 Results

In a report published Friday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on

, but lowered the price target from $31.00 to $22.00. In the report, Credit Suisse noted, "Following another quarter of disappointing results – driven by lower-than-expected growth in active customers – we are again forced to take a step back to ensure our thesis is still intact. While FUEL faced several setbacks in 2014, we continue to believe these obstacles are transitory in nature and believe investors are heavily discounting FUEL's LT revenue growth potential while also giving minimal credit for profitability in a scenario of lower growth. While it is difficult to call the bottom, FUEL shares are currently trading at ~2.0x EV to net revenue and 1.0x EV to gross revenue, so we urge patient investors to remain with the story. We note that FUEL should be entering a harvest mode starting in 2H15 as it begins to reap the benefits of elevated CapEx from 2014, greater sales force efficiencies, as well as the integrated selling effort with X+1." Rocket Fuel Inc closed on Thursday at $14.77.