After Imperva announced that it is reviewing its strategic alternatives and hired Qatalyst Partners as financial advisor, Imperial Capital analyst Michael Kim said he thinks the most likely outcome will be the sale of the company to a larger security vendor, as the company's strategic value "significantly exceeds the current public market value based on comparable transactions." Imperva still has strong growth in subscription revenue, but the analyst expects a steeper decline in product sales due to changes in procurement patterns, he tells investors in a post-earnings note. Kim lowered his price target on Imperva to $50 from $55 but keeps an Outperform rating on the shares.