Piper Jaffray analyst Alex Zukin says his channel checks suggest "modest outperformance" when Cornerstone OnDemand reports Q2 results on August 3 due to conservative revenue and billings guidance and "significant" large deals activity. Even after rallying 14% in two weeks, the stock still trades at a 30% discount to peers, Zukin tells investors in a pre-earnings research note. The analyst "strongly" believes Cornerstone's positives outweigh the negatives in the short term. He remains a buyer of the shares and views the current risk/reward as attractive. Zukin upped his price target for the shares to $50 from $48 and keeps an Overweight rating on Cornerstone OnDemand.