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Tableau Software Upgraded By Deutsche Bank On 'Growing Evidence' Of Demand Strength

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Tableau Software Upgraded By Deutsche Bank On 'Growing Evidence' Of Demand Strength

Deutsche Bank has been recommending investors keep an eye on the analytics firm Tableau Software Inc (NYSE: DATA)'s turnaround story, but an intense competitive landscape prevented the firm from turning bullish — until now.

The Analyst

Deutsche Bank's Karl Keirstead upgraded Tableau Software from Hold to Buy with a price target lifted from $105 to $120.

The Thesis

The bullish case for Tableau Software is partially based on a prior research report that highlighted the strong growth Microsoft Corporation (NASDAQ: MSFT) is seeing in its business intelligence unit, Keirstead said in the upgrade note. (See the analyst's track record here.)

The strength in Microsoft's unit prompted Deutsche Bank to take a closer look at other companies in the data analytics space, including privately held Qlik.

Firsthand checks and conversations suggest Qlik is delivering solid results within the backdrop of improving industrywide demand, Keirstead said. "Growing evidence" of demand strength bodes well for Tableau Software, and the company's revenue guidance is likely conservative, the analyst said. 

The upgrade of Tableau Software ahead of Thursday's second-quarter earnings report is justified by industrywide momentum, according to Deutsche Bank. 

Price Action

Tableau Software shares were trading up 3.1 percent at $106.27 at the time of publication Wednesday morning. 

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Photo courtesy of Tableau Software. 

Latest Ratings for DATA

DateFirmActionFromTo
Jul 2019DowngradesOutperformMarket Perform
Jun 2019DowngradesOutperformNeutral
Jun 2019DowngradesBuyNeutral

View More Analyst Ratings for DATA
View the Latest Analyst Ratings

Posted-In: Analytics Business Intelligence Deutsche Bank Karl KeirsteadAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga

 

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