Cowen Reiterates Neutral Following Hortonworks (HDP) Q1 Results

Cowen reiterates a Neutral rating on Hortonworks (NASDAQ: HDP), with a price target of $26.00, following a "good start to the year". HDP added 105 customers in Q1 versus 99 in Q4 and has more than doubled its customer base over the last two
quarters.

Cowen analyst, Jesse Hulsing, commented on the quarter, saying, "Another good quarter post-IPO for HDP. Strong customer adds reinforce our thesis that adoption is inflecting in the Hadoop market. We expect numbers to move higher due to this secular tailwind, broadening direct distribution and ramping partnerships. Remain neutral on the name due to valuation, burn rate and customer acquisition"
costs that are improving but remain high.

For an analyst ratings summary and ratings history on Hortonworks click here. For more ratings news on Hortonworks click here.

Shares of Hortonworks closed at $21.79 yesterday.

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