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

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. 

Related Links:

Tableau Software Revenue Could Exceed $2B In Revenue By 2022, KeyBanc Says In Upgrade

Citigroup Expands Big Data Coverage, Names Alteryx, Tableau Software, Talend As Top Picks

Photo courtesy of Tableau Software. 

Latest Ratings for DATA

Jul 2019BernsteinDowngradesOutperformMarket Perform
Jun 2019WedbushDowngradesOutperformNeutral
Jun 2019CitigroupDowngradesBuyNeutral

View More Analyst Ratings for DATA
View the Latest Analyst Ratings


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

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