Bernstein analyst Zane Chrane believes Tableau management has guided "extremely conservatively" for FY18 revenue, likely due to set up the new CFO for several quarters of "beat and raise", and to allow management to increase guidance for the ratable mix of license bookings without having to lower revenue guidance. It also appears that new business would have to decline 5% or more in FY18 for the company to fall short of the midpoint of revenue guidance, he contends. Furthermore, Chrane believes Tableau has been "overly penalized" with recent market volatility, now having given up all of stock's the post-Q4 gains. He reiterates an Outperform rating and $107 price target on the shares.