Jefferies Cuts Price Target on Tableau Software (DATA) Despite 1Q Beat

Jefferies maintained a Hold rating on Tableau Software (NYSE: DATA), and cut the price target to $56.00 (from $65.00), following the company's 1Q earnings report. Non-GAAP EPS of breakeven on total revenue of $171.7M exceeded estimates of ($0.10) and $164M, while license revenue of $96.4M also exceeded Street expectations for $94.0M.

Analyst John DiFucci commented, "DATA exceeded 1Q estimates, though license revenue reflected another dramatic drop in growth and the stock traded off after hours. The unfavorable optics this Q should improve throughout the year as comps get easier. There appears to be a move to more ratable models, but investors may overestimate that impact. In addition, management indicated a more efficient approach to the model, which we view as appropriate at this time."

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

Shares of Tableau Software closed at $50.98 yesterday.

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