UPDATE: Pacific Crest Securities Reiterates Outperform Rating, Raises PT on Zendesk Following Strong Q2 Report

In a report published Wednesday, Pacific Crest Securities analyst Brendan Barnicle reiterated an Outperform rating on

, and raised the price target from $20.00 to $22.00. In the report, Pacific Crest Securities noted, “Zendesk posted a strong Q2, reporting revenue of $29.6 million, better than the consensus expectation of $25.9 million. EPS of ($0.16) was better than the consensus estimate of ($0.18). More importantly, the company guided to Q3 revenue of $31 million and non-GAAP operating loss of ($11.5 million), both above consensus. Full-year guidance came in better than expected at revenue of $120 million and non-GAAP operating loss of ($41 million) compared to consensus of $111.1 million and ($43.7 million).” Zendesk closed on Tuesday at $17.97.