Citi Reports on Shares of Qlik Technologies After Revenue Increases

Citi upgrades price target from $19 to $30 on shares of Qlik Technologies. Citi reports, "Our estimates move higher to full-year 2011 revenue of $312M, above the $295M to $305M guidance. Our “upside” case, which consists of “stretch” goals for the company, moves significantly higher for the first time since covering Qlik. We view the productive increases in sales capacity to be sustainable improvements that could continue to drive upside. The Q2 revenue guide of $67-70M looks conservative, especially in light of a nearly 10% currency tailwind by our calculation and historical Q/Q growth in Q2 of 15%+ (guide = 13%). Our EPS estimate of $0.03 is down two cents but above the guidance of $0-$0.02." Shares of Qlik technologies closed at 28.90 yesterday.