UPDATE: BMO Capital Markets Initiates Coverage on Qlik Technologies with Market Perform Rating, $22 PT on Mixed Factors

In a report published Friday, BMO Capital Markets analyst Joel P. Fishbein Jr. initiated coverage on

with a Market Perform rating and $22.00 price target. In the report, BMO Capital Markets noted, “Qlik has been an early pioneer in next-generation data discovery business intelligence tools, and customer loyalty remains high. However, a history of mixed execution continues to overhang the shares, and we are concerned regarding the near- to medium-term impact of the QlikView.Next launch. While we are positive on the product improvements, we are concerned about the impact that dual product and pricing models (perpetual and new ‘token' based) could have on customer adoption and sales cycles. In addition, anticipation for QlikView.Next has been building for the better part of two years, and we are cautious on the potential pause ahead of the release slated for 2H14. We look to evaluate sales execution and customer adoption around the pending QlikView.Next product cycle.” Qlik Technologies closed on Thursday at $21.13.