DA Davidson: Yet Another 'Beat And Raise' On Tableau

In a report published Friday, DA Davidson analyst Jack Andrews maintained a Buy rating on

, while raising the price target from $127 to $145, after the company reported better-than-expected 1Q15 results. Tableau reported its quarterly revenue at $130.2 million, ahead of the DA Davidson estimate of $116.3 million and consensus estimate of $115.3 million. The company generated 74.6 percent y/y revenue growth, driven by 74.3 growth in License revenue to $84.4 million and 75.2 percent growth in Maintenance and Services revenue to $45.7 million. Tableau closed 249 transactions, exceeding $100k in 1Q15, representing 108 percent rise from 120 transactions in 1Q14. "The company also closed its first 7-figure deal in Asia Pacific. We note the majority of these deals were with existing customers," the analysts said. In the report DA Davidson noted, "We believe the general availability release of Tableau Version 9.0 on April 7, 2015 represents a significant catalyst for the company. There are a number of new features (including enhanced mobile capabilities, the ability to clean up and parse data quickly, including Excel files, and a re-write of Tableau Server that makes it easier for administrators to open Tableau to a larger user base), which we think may serve as a gateway and catalyst to larger enterprise deals." The company raised its FY15 guidance for revenue from $565- $580 million (growth of about 37-41 percent y/y) to $600-$610 million (growth of about 45-48 percent y/y). Tableau also upped its non-GAAP operating income guidance from $18-$30 million to $35-$45 million. The revenue and non-GAAP EPS estimates for FY2015 have been raised from $589.2 million to $645.2 million and from $0.24 to $0.43, respectively.