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A little over two months after downgrading Alteryx Inc (NYSE:AYX), KeyBanc Capital Markets said the time is now right to be constructive on the shares of the data analytics software company.
The Analyst
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Analyst Brent Bracelin upgraded shares of Alteryx from Sector Weight to Overweight and set a price target of $40.
The Thesis
Alteryx shares have languished by about 19 percent since KeyBanc's March 12 downgrade, primarily due to the impending formal release of Tableau Software Inc Class A (NYSE:DATA)'s Prep product, Bracelin said in a Sunday note. (See the analyst's track record here.)
The software has since been released.
"With this headline risk now behind us, strong 1Q18 results and a risk-reward that has turned favorable, we are upgrading AYX," Bracelin said.
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The analyst recommended that growth investors add to their positions and take advantage of any potential weakness emerging from the volatility associated with Tableau Prep.
Alteryx is likely to quadruple revenues within five years even if year-over-year subscription growth slows from 50 percent in Q1 to 35 percent, the analyst said.
KeyBanc views Alteryx' data science platform as the most "underappreciated lever," as it is estimated to disrupt the $3-billion SaaS revenue stream longer term. The sell-side firm expects the company's Inspire conference in June to showcase its competitive moat.
The Price Action
Alteryx shares have added about 22 percent year-to-date.
The stock was surging 5.9 percent to $32.67 at the time of publication Monday.
Related Links:
KeyBanc Downgrades Tableau Software To Reflect 'More Balanced' Risk-Reward
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.