Summit Maintains On Tableau Software

In a report released Friday, Summit analyst Srini Nandury maintained a Hold rating on Tableau Software (NYSE: DATA), while increasing its price target from $60 to $62.

Analysts at Summit favor Tableau Software recent second quarter earnings, beating consensus expectations in revenue and raising guidance for Q3 2014. Summit maintained a Hold rating due to its valuation and raised its EPS and revenue guidance for full year 2014 from $353 million and-$0.04 to $372 million and -$0.07.

Tableau Software's $62 price target is given by EV/C2015 sales of nearly 7.3x.