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Credit Suisse sets Outperform rating on Callidus Software

Sep. 19, 2016 11:27 AM ETCallidus Software, Inc. (CALD) StockCALDBy: Eric McCaffrey, SA News Editor
  • Following an earlier downgrade to Sell at Dougherty & Company, Credit Suiise reinstates coverage on Callidus Software (CALD -3.3%) with a $22 price target (current price $18.26). Callidus' recent 4M share stock offering is cited as potentially enabling acquisitions and furthering R&D efforts.
  • Analyst Michael Nemeroff: "We view CALD shares as attractive due to the company's: (1) best-of-breed, fully integrated product suite, which competes against mostly point solutions, (2) significant cross-sell / up-sell opportunity of multiple products into its existing customer base (only 400 out of 4,800 are using multiple CALD products)." Callidus Software's margin profile and transition to a 100% subscription revenue model also noted.
  • Estimates respective FY 2016 and FY 2017 revenue of $205M and $240.3M, and respective EPS of $0.27 and $0.28.

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Callidus Software, Inc.