Stop Sitting On The Sidelines With Qlik Technologies, Deutsche Bank Says

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In a report published Thursday, Deutsche Bank analyst Karl Keirstead upgraded the rating on

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Qlik Technologies, Inc.

(NASDAQ: QLIK), while raising the price target from $42 to $50. The analyst believes that there is no reason to sit on the sidelines, given that the stock is expected to continue to move upwards.A meeting with Qlik Technologies' management team showed that the management was optimistic, with no signs of any softness in the industry demand. In fact Qlik Technologies appeared bullish about its pipeline, "certainly nothing that would point to a 2H15 growth issue or explain Tableau's smaller-than-expected 2Q15 beat," Keirstead stated.According to the Deutsche Bank report, "Qlik sounded positive about Sense traction and was adamant that any demand "air pocket" ahead of the launch of QlikView 12 in late 2015 is highly unlikely."In addition, the company has been encouraging the opportunity to delegate workloads that are being done on traditional BI tools. Such a trend could be "materially TAM-expanding and explain the recent bump in larger deals," Keirstead said.The analyst also believes that the current consensus expectations for 2016 revenue growth for the company appear too low, given the ongoing momentum and the ramp of Sense. Deutsche Bank has raised the 2016 revenue growth estimate from 18 percent to 20 percent.The analyst has also raised the operating margin estimate for 2016, since margins are expected to improve at the same level as 2015. The Non-GAAP EPS estimate for 2016 has also been raised.