Needham & Company Starts Hortonworks (HDP) at Buy

Needham & Company initiates coverage on Hortonworks (NASDAQ: HDP) with a Buy rating and a price target of $21.00.

Analyst Richard Kugele commented, "We are initiating coverage of Hortonworks, Inc (HDP) and believe that a confluence of factors makes now an attractive entry point on the name: 1) we believe that Hadoop/Big Data is finally past the hype cycle, seeing steady growth on a number of vectors, and we believe HDP is one of the few pure-play ways of participating in Big Data; 2) triple-digit subscription rev and billings growth in ’15, with >50% conservatively forecasted as HDP is one of only three remaining Hadoop distributions; 3) recent Onyara acquisition broadens TAM into IoAT and beyond; and 4) HDP is now trading back at its IPO price despite the business now being 2x the size it was then, with a significantly broader TAM."

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 $16.74 yesterday.

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