UPDATE: Deutsche Bank Reiterates On Tableau Software Following Strong Growth Quarter

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Tableau Software (NYSE: DATA), and raised the price target from $75.00 to $80.00.

In the report, Deutsche Bank noted, “Heading into Tableau's 2Q, the topic of interest was the likely size of the beat and where buy-side expectations were. In our view, Tableau exceeded this bar, posting 82% revenue growth to $91 million, well above the $75-$80 million guide, and 80% license growth to $60 million, well above our $50 million estimate. Tableau achieved this while posting 8% non-GAAP operating margins and 20% OCF margins, an impressive performance relative to Tableau's 50%+ growth peers. Tableau raised its 2014 revenue guidance to $366-$372 million (up 60% at the high end) from $340-$350 million and its non-GAAP operating margin to $5-$10 million from ‘flat to negative $10 million'. Buy.”

Tableau Software closed on Thursday at $65.00.