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Fly News Breaks for May 14, 2019
MIME
May 14, 2019 | 05:06 EDT
Jefferies analyst John DiFucci raised his price target for Mimecast to $57 from $55 saying the company largely exceeded fiscal Q4 expectations, namely revenue and free cash flow, with the 32% constant-currency sales growth in line with fiscal 2019. Mimecast's sales guidance for both Q1 and fiscal 2020 was better than estimates, though adjusted EBITDA was modestly below as the company looks to invest for further growth, DiFucci tells investors in a research note titled "Continued Strong Momentum Bucks Moderating Security Sector Trend." He believes the company continues to execute on a high level and that it can grow at "sustained hyper rates for the foreseeable future." DiFucci keeps a Buy rating on the shares.
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