UPDATE: JG Capital Initiates Coverage on Tableau Software on Large Market Opportunity

In a report published on Friday, JG Capital analyst Jeff Gaggin initiated coverage on Tableau Software (NASDAQ: DATA) with an Overweight rating and price target of $41.00.

In the report, JG Capital noted, "Forrester Research, Inc estimated that there will be 615M information workers globally in 2013 and it predicts that number to grow to 865M by 2016. Forrester also published a survey of information workers in Q4:12 which indicated that only 17% f respondents use a data dashboard or BI tool as part of their job. Tableau points out that there are 105M information workers (the few), 363M Microsoft Excel users (the many) and 615 white space users (the most). Common business intelligence use cases include increasing sales, streamlining operations, improving customer service, managing investments, assessing quality and safety, studying and treating diseases, completing academic research, addressing environmental problems and improving education."

Tableau Software opened on Friday at $31.00.