UPDATE: FBN Securities Raises Price Target On NetSuite
FBN Securities reiterated its Outperform rating on NetSuite Inc (NYSE: N) and raised its price target from $115 to $125 in a report issued Sunday after the company strong billing growth.
"FQ3 revenue & EPS beat, with accelerating trends in subscription revenue (35 percent Y/Y growth), overall revenue (34 percent Y/Y growth), and billings (41 percent Y/Y growth)," according to analyst Shebly Seyrafi.
For FQ4, NetSuite "is guiding for revenue of $154-156M (+34-36 percent Y/Y and above consensus of $152.3M) and NG EPS of $.08-$.10 (vs. consensus of $.10),” and for F2015, the company “is guiding for revenue of $715-$725M (we model $718M, up 30% Y/Y)," according to the report.
Seyrafi noted that NetSuite continues to invest aggressively in Product Development which increased as a percentage of revenue from 13.1 percent a year go to 14.5 percent this quarter, as the company’s number of employees in PD grew by 46 percent year-over-year.
NetSuite Inc closed at $103.61 on Friday.
Latest Ratings for N
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 2016 | DA Davidson | Downgrades | Buy | Neutral |
| Aug 2016 | SunTrust Robinson Humphrey | Downgrades | Buy | Neutral |
| Aug 2016 | MKM Partners | Downgrades | Buy | Neutral |
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Posted-In: FBN Securities Shebly SeyrafiAnalyst Color Price Target Reiteration Analyst Ratings
