Shares of Bottomline Technologies (NASDAQ:EPAY) were up over 12 percent on the day, as they came of their best quarter for orders in the history of the company.
Needham says, "Bottomline posted by far the strongest orders quarter in the firm’s history, which is indicative of the strategic value that Bottomline provides its financial institution customers. Additionally, Q2’s robust orders activity provides Bottomline with incremental revenue visibility to a business that already has more than 85% visibility going into a quarter. We believe that EPAY shares could approach $30 within 12-18 months...We have increased our FY’11, ’12 and ’13 Non-GAAP Net Income estimates by $2.8 million, $1.6 million and $2.4 million respectively. The associated EPS impact is +$0.07, nil and nil respectively (zero EPS impact in fiscal years 2012 and 2013 due to accelerated share creep)."
Needham & Company maintains a 'Strong Buy' on Bottomline Technologies (EPAY), which was trading at $22.89, gaining $2.52, or 12.37 percent, as of 2:44 PM EST. Needham raised their price target on Bottomline from $25 to $28.
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