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In a report published Monday, WR Hambrecht analyst Srini Nandury initiated coverage of Imperva Inc (NYSE: IMPV ) with a Buy rating and $75 price target. The analyst noted that there appears to be a secular shift towards internal security measures. While the companys execution continues to see improvements under the new management, the analyst believes that Impervas growth rates would also continue to improve as more and more enterprises begin to focus on enhancing the security of their internal assets, given that internal assets have been the target of some of the biggest breaches in recent times. The analyst expects the company to see revenue acceleration from the low-20s to the mid to high 20s, driven largely by, 1) The market moving in Impervas favor, 2) Productivity improvements of its existing sales force, 3) Growth of subscriptions, 4) Upsell/cross sell more products to its existing customers, and, lastly, 5) New customer additions. These factors also make Imperva an attractive acquisition target, along with the company being among the best pure play web and application firewalls in the market today. We believe any acquirer will need to pay a premium from the current levels, given the scarcity of similar standalone assets in the market, Nandury stated. The analyst expects the company to see an increase in demand trends for its products in the near term, with increased security spending driving demand. In addition, the company has significant room for growth, given that the market is largely underpenetrated. Imperva currently has 3,900 customers worldwide, with only 9 percent of the Fortune 1000 enterprises as its customers. According to the WR Hambrecht report, Clearly, the company has a large and enviable runway for growth. It is as if the demand will only peak in the medium term, going forward. We believe large and well-known companies are at a higher risk than small and lesser known ones, given that hackers prefer to target well-known names... we believe many large companies with bigger budgets and bigger reputations to protect will deploy web and standalone application firewalls in the near-term. In addition, the analyst expects the companys deal sizes to grow going forward, driven by existing customers making repeat purchases. Latest Ratings for IMPV Jul 2015 Summit Research Initiates Coverage on Buy Jul 2015 RBC Capital Reiterates Outperform Jun 2015 Stephens & Co. Maintains Overweight View More Analyst Ratings for IMPV View the Latest Analyst Ratings See more from Benzinga SunTrust Slashes Keurig Green Mountains Target, Calls For More Realistic Earnings Outlook Adobe Price Target Raised To 3 At Bernstein: Heres Why Goldcorp Reinstated At Outperform By Credit Suisse, Sees Cash Growth To Come © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments
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