UPDATE: Deutsche Bank Reiterates On Tableau Software After Results Beat Estimates Again

Dwight Einhorn

In a report published Tuesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Tableau Software (NYSE: DATA), but lowered the price target from $100.00 to $75.00.

In the report, Deutsche Bank noted, “After telling the Street that the big 4Q13 print (96% y/y growth) was boosted by a budget flush and that 1Q14 would decelerate, Tableau posted growth of 86% to $75 million vs. guidance of $61-$63 million. Licenses grew 83%, the non-GAAP operating margin of $6 million and the number of deals over $100,000 (120 compared to 77 y/y) were well above company guidance.

"Tableau raised its 2014 revenue guidance to $340-$350 million (up 51% at the high end) from $320-$325 million and its non-GAAP operating loss guidance to ‘flat to negative $10 million' from prior guide of $15-$20 million non-GAAP operating loss.”

Tableau Software closed on Monday at $57.99.

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