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UPDATE: FBN Securities Raises Price Target On NetSuite

Courtesy of Benzinga.

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FBN Securities reiterated its Outperform rating on NetSuite Inc (NYSE: N) and raised its price target from $115 to $125 in a report issued Sunday after the company strong billing growth.

"FQ3 revenue & EPS beat, with accelerating trends in subscription revenue (35 percent Y/Y growth), overall revenue (34 percent Y/Y growth), and billings (41 percent Y/Y growth)," according to analyst Shebly Seyrafi.

For FQ4, NetSuite "is guiding for revenue of $154-156M (+34-36 percent Y/Y and above consensus of $152.3M) and NG EPS of $.08-$.10 (vs. consensus of $.10),” and for F2015, the company “is guiding for revenue of $715-$725M (we model $718M, up 30% Y/Y)," according to the report.

Seyrafi noted that NetSuite continues to invest aggressively in Product Development which increased as a percentage of revenue from 13.1 percent a year go to 14.5 percent this quarter, as the company’s number of employees in PD grew by 46 percent year-over-year.

NetSuite Inc closed at $103.61 on Friday.

Latest Ratings for N

Date Firm Action From To
Oct 2014 Credit Suisse Maintains Outperform
Oct 2014 MKM Partners Initiates Coverage on Buy
Oct 2014 Societe Generale Initiates Coverage on Sell

View More Analyst Ratings for N
View the Latest Analyst Ratings

Posted-In: FBN Securities Shebly SeyrafiAnalyst Color Price Target Reiteration Analyst Ratings

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