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Investors Underappreciate Imperva's Restructuring Efforts, Product Strategy, KeyBanc Says In Upgrade

Investors Underappreciate Imperva's Restructuring Efforts, Product Strategy, KeyBanc Says In Upgrade

The restructuring initiatives that cybersecurity company Imperva Inc (NASDAQ: IMPV) announced in January could bring more benefits than anticipated, according to KeyBanc Capital Markets.

The Analyst

Analyst Rob Owens upgraded Imperva from Sector Weight from Overweight with a $65 price target.

The Thesis

Following the completion of restructuring efforts in the first quarter, Imperva continues to enact strategic changes, Owens said in a Monday note. (See the analyst's track record here.) 

This will likely improve top-line momentum exiting calendar 2018, as well as an enhanced profitability profile thereafter, the analyst said. 

Imperva suggested on its second-quarter earnings call that it will unveil a new product strategy, Owens said. The strategy would present opportunities for aligning deployment models with the hybrid cloud; expanding market share in data analytics; and improving recognition of Imperva's feature differentiation, according to KeyBanc. 

Owens views the company's valuation setup as favorable, as the shares are trade at a meaningful discount to cybersecurity companies with comparable on-premise offerings, he said. 

The Price Action

Imperva shares have risen about 25 percent year-to-date.

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Latest Ratings for IMPV

Nov 2018DowngradesOutperformSector Perform
Oct 2018DowngradesOverweightSector Weight
Oct 2018DowngradesOutperformNeutral

View More Analyst Ratings for IMPV
View the Latest Analyst Ratings

Posted-In: KeyBanc Capital Markets Rob OwensAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga


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