UPDATE: Feltl and Company Reduces PT on Callidus Software to $8

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According to a research report this morning, Feltl and Company reduces PT on Callidus Software (NASDAQ: CALD) to $8 due to negative backlash following a poor execution of Q1. Feltl and Company continued, “Our analysis of Callidus historical one-year forward valuation multiples (revenue, EPS) reveal that while the company's stock is trading in the top of its multiple and stock level ranges, the stock's valuation should expand over the next 12 -24 months as we believe demand for its leading software improves. If our forecasts prove correct, we expect the stock to remain choppy in the near term given the macro-related uncertainty, but have a more general upward trajectory over the next 12 months.”Callidus Software closed yesterday at $5.84 as Feltl and Company maintains its Buy rating.

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