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Shares of Tableau Software Inc (NYSE: DATA) were up more than 14 percent on Friday, after the company reported estimate-beating earnings and revenue on Thursday afternoon.
Analysts at Pacific Crest reiterated an Overweight rating on the stock late Thursday, boosting their price target from $110 to $122 (when the stock traded around $97.43).
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The bullish stance on Tableau is based primarily on “Strong underlying fundamentals, with upside driven by ~75% revenue growth,” the note assures. Not only is the company “scratching the surface of a large TAM with less than 3% penetration, but a major new product release (Tableau 9) in April could fuel additional upside this year.”
The firm provides its top 10 reasons to overweight Tableau:
1. Revenue: For the first quarter, the company delivered $15 million of upside to $130 million; approximately 75 percent growth
2. Cash Flows: Cash flow from operations reached $35 million (or 27 percent of sales) in the quarter.
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3. New Customer Adds: The first quarter registered a 44 percent increase inn new adds, to 2,600+, reaching a total of 29,000.
4. “Large TAM: $22 Billion TAM if just ~3% of the 363 million Excel users adopt”
5. “Low Penetration Rate: Less than 0.1% penetration of Excel user base”
6. “Low ASP Product: List price of $1,999/seat or annual subscription of $500”
7. Large Deal Momentum: large deals (more than $100,000) more than doubled, to 249.
8. Patented Technology: Tableau invented a visual programming language called VizQL
9. “Major New Product Cycle: Tableau 9 was released in early April”
10. The Long-Term View: the analysts see plenty of upside to the $122 target, and see the stock possibly reaching $300 five years.
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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.