RBC Capital analyst Matthew Hedberg raised his price target on Tableau Software to $120 after its Q3 results, saying the quarter was driven by the 45% growth in its annual recurring revenue and a higher than anticipated "ratable billings mix of 81%" vs. 72%-76% guided range. The analyst cites the company benefiting from the "pent-up demand for new subscription offerings and strength in the U.S. enterprise". Hedberg also anticipates the conversion to ASC606 revenue recognition to boost its FY19 results but keeps his Sector Perform rating given his perceived "fair valuation" of the stock.