Mizuho Securities 'Taking A Breather' On Tableau Software

Mizuho Securities downgraded Tableau Software Inc DATA Thursday from Buy to Neutral and maintained a $100 price target.

Analyst Abhey Lamba was "taking a breather" with the the stock now priced appropriately. The analyst continued to believe, however, in "DATA's ability to grow rapidly in the visual analytics space and deliver upside to consensus."

Lamba added that any "upside is likely baked into the stock price currently with expectations already being ~15 percent above consensus and it is tough to expect the multiple (~12x 2015E sales) to expand."

The analyst note added that historically the company has provided conservative guidance with consistent beats. The downside, however, was that investors may have lofty expectations which "could lead to a challenging hurdle" where a "where lack of significant beats could negatively impact the stock performance."

With expectations high, Lamba thought that near-term revenue upside was "likely baked in the stock price" with buy-side expectations of 2015 revenue at $650 to $750 million, above the guidance of $555 to $580 million.

Lamba concluded that "if DATA experienced any execution challenges, the stock could move lower by approximately 30-40 percent."

Tableau Software closed at $97.45 Thursday, down 0.44 percent.