Brian White of Drexel Hamilton has downgraded Tableau Software Inc NYSEDATA
“Tableau's quarterly stumbles now appear more symptomatic of a company that has lost its competitive edge in a sea of larger IT/cloud vendors that offer abroad array of solutions with more attractive price points,” White wrote in a note.
Tableau added over 3,600 new customer accounts in the third quarter and slightly below the low-end of Drexel Hamilton’s 3,650 to 3,750 estimate. The company closed 360 transactions with sales over $100,000 during the quarter and slightly below the low-end of DH’s 365–382 estimate.
Estimates And Expectations
For the fourth quarter, Tableau expects revenue of $225 million to $235 million with EPS of $0.09 to $0.16. White cut his fourth-quarter revenue forecast to $232.6 million from $254.7 million (Street is at $250.1 million) and lowered his pro forma EPS estimate to $0.14 from $0.23 (Street is at $0.20).
For 2017, the analyst slashed his revenue estimate to $877.6 million from $1.017.6 billion and cut pro forma EPS projection to $0.18 from $0.54 (vs. Street is at $0.50).
“Overall, we found the tone of the call to be downbeat with the combination of macro weakness, the headwinds of a higher mix of ratable sales, execution issues and the more competitive market hanging over the story,” White added.
At the time of writing,
|Nov 2016||Drexel Hamilton||Downgrades||Buy||Hold|
|Nov 2016||William Blair||Downgrades||Outperform||Market Perform|
|Oct 2016||OTR Global||Downgrades||Positive||Mixed|
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