I just got ahold of a Wells Fargo report on MRIN. It is a 10 page pdf. I snipped the valuation section of the report below.
Our valuation range of $20-22 is based on an EV-to-sales multiple of 6x our FY2014 revenue estimate $94MM, and 5x our FY2015E revenue of $117MM. Risks include significant competition from established vendors including minimal profitability, dependency on 3rd party datacenters, and revenue concentration.