UPDATE: Citigroup Upgrades Qlik Technologies on New Product Catalyst Coupled with Favorable Risk-Reward

In a report published Monday, Citigroup analyst Walter H. Pritchard upgraded the rating on

from Neutral to Buy, and raised the price target from $26.00 to $33.00. In the report, Citigroup noted, “We are upgrading QLIK to Buy from Neutral and raising our price target to $33 from $26 on higher medium- and long-term revenue estimates as we expect a reacceleration from the new product release. QLIK pioneered simpler to use, end user business intelligence, but, in our view, the product has begun to lag the competition, which has superior visualization and shorter time to value with a simpler solution. QLIK has been developing a next-generation product, Qlikview.Next, which is likely to improve its competitiveness in these key areas and drive re-acceleration in revenue growth. Early industry response has been positive and we expect that as we move towards general availability the stock will begin to discount the potential improvement in competitiveness that comes with Next.” Qlik Technologies closed on Friday at $25.03.