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PacCrest Upgrades Qlik After Attending Multiple Events This Month

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Pacific Crest’s Brent Bracelin upgraded the rating on Qlik Technologies Inc (NASDAQ: QLIK) from Sector Weight to Overweight, with a price target of $34.

Turning Bullish

“After attending multiple events over the past month, we are turning more bullish on the prospects of Qlik Sense, NPrinting and QlikView sustaining double-digit growth rates,” Bracelin mentioned.

The analyst now expects Qlik Sense to triple its license revenue to $205 million by 2018, with the $16.5 million BI industry transitioning to self-service tools.

Bracelin also stated that the company had issued conservative growth and margin guidance for 2016 and that there had been an uptick in customer feedback at an industry conference held recently.

The analyst believes the stock offers favorable risk/reward ahead of the use conference, Qonnections, on May 2-4, along with downside support due to activist activity. In addition, the threat from rival BI solutions causing disruption has also declined.

Product Expansion

“A broadening product portfolio with QV12 and NPrinting gives us confidence in the sustainability of double-digit growth through 2018,” Bracelin pointed out.

The analyst pointed out that one of the primary concerns entering 2016 had been that the revenue expectations for Qlik Technologies was too high. This has been rectified with expectations being reduced by $21 million.

Latest Ratings for QLIK

DateFirmActionFromTo
Sep 2016AssumesBuy
Aug 2016TerminatesHold
Aug 2016TerminatesOverweight

View More Analyst Ratings for QLIK
View the Latest Analyst Ratings

Posted-In: Brent Bracelin Pacific Crest SecuritiesAnalyst Color Long Ideas Upgrades Analyst Ratings Trading Ideas

 

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