Mizuho Securities Cuts Price Target Following Netsuite (N) 3Q Results

Mizuho Securities reiterated a Neutral rating on NetSuite (NYSE: N), and cut the price target to $90.00 (from $100.00), following the company's 3Q15 earnings results. NetSuite reported total revenues of $193mm (+34% Y/Y) vs guidance of $192-194mm and consensus of $193mm. Management reiterated its full year outlook, tightening the top-line to $737-740mm vs prior outlook $735-745mm while leaving full year EPS unchanged at $0.21.

Analyst Abhey Lamba commented, "NetSuite's metrics came in-line to better than expectations. Management tightened its full-year revenue forecast to the mid-point of the prior range while leaving its EPS estimate unchanged. While they did not offer 2016 guidance, they indicated we should not expect margin leverage which is likely to create headwinds for the stock despite consistent execution. We reiterate our Neutral rating while cutting our PT to $90 from $100."

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

Shares of NetSuite closed at $91.72 yesterday.

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