UPDATE: BMO Capital Markets Initiates Coverage On Tableau Software On Positive Growth Outlook

Benzinga

In a report published Friday, BMO Capital Markets analyst Joel P. Fishbein Jr. initiated coverage on Tableau Software (NYSE: DATA) with an Outperform rating and $75.00 price target.

In the report, BMO Capital Markets noted, “We believe Tableau in one of the best-positioned companies in the analytics space with highly differentiated offerings that should experience sustained growth by “democratizing” data. The core of Tableau's technology, its Visual Query Language, is instrumental in providing a best-in-class user experience and empowers business users to perform analytics and glean valuable insight from corporate data in a way that hasn't been possible before.

"By virtue of its Live Query Engine, implementation is simple. Customers can leverage prior investments in existing data platforms without moving data, which we believe will help drive rapid adoption. We think that structured ‘dark data' stored and underutilized as part of normal business activity remains a substantial opportunity. Tableau is enabling connectors to blend and analyze unstructured data (Hadoop, NoSQL, Machine). Tableau is gaining share at the expense of Qlik and Tibco/Spotfire in the market for data discovery tools, in addition to traditional BI vendors. We see a growing addressable market and distribution as supportive of sustainable above-market growth.”

Tableau Software closed on Thursday at $59.68.

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