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Fly News Breaks for September 5, 2019
IBM, CLDR
Sep 5, 2019 | 06:41 EDT
As previously reported, JMP Securities analyst Patrick Walravens upgraded Cloudera (CLDR) to Outperform from Market Perform with a $12 price target after its Q2 earnings beat and raised FY20 guidance yesterday. The analyst notes that the results were much improved in the latest quarter while also raising his FY20 EPS view to (26c) from (30c). Walravens sees a number of catalysts for Cloudera, including the phased rollout of its Data Platform, new strategic partnerships such as one announced with IBM (IBM) in June, as well as a "new open source licensing and distribution framework that aligns Cloudera's model with industry standards set by Red Hat". The analyst also sees the stock as "quite reasonably valued" at 2.1-times enterprise value to his expected 20201 revenues.
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