UPDATE: Morgan Stanley Upgrades Qlik Technologies to Overweight on Field Data

Morgan Stanley increased its rating on Qlik Technologies

from Equal-weight to Overweight with a new price target of $28 a share. Morgan Stanley said, "Upgrading QLIK to Overweight with the publication of the Monetizing Big (Any) Data Blue Paper, which presents fieldwork on spending trends around data technologies from 300 global IT managers. This work suggests data growth will accelerate to >50% YoY, with structured data outpacing unstructured data; data-related spending should rise from 24% to 28% of IT over 3 yrs.; and QLIK should benefit disproportionately. 2H is a “show me” period after a 2Q miss, but our call is on 2013 reacceleration, and the belief QLIK stays very strategic." Qlik Technologies closed at $21.30 on Tuesday.