Deutsche Bank analyst, Karl Keirstead, downgrades his rating on Tableau Software Inc (NYSE:DATA) from Buy to Hold with an unchanged price target of $65.00.

According to the analyst, “Tableau shares are up 50%+ since bottoming at $37 back in February 2016 post the 4Q15 miss, and the stock now trades at almost 5x the mid-point of the 2016 revs guidance. Given the stock is <15% away from our $65 target, we reached out to 5 Tableau partners/resellers and several customers to update our thoughts ahead of the 2Q16 print after the close on August 2.”

The analyst is concerned about price discounting and competition and maintains less confidence in the upside potential to Tableau’s ’16 guidance.

Karl Keirstead is ranked #294 of 4,081 analysts on TipRanks and maintains an average success rate of 63% with an average return of 7.2%. When rating DATA, the analyst maintains a success rate of 50% and realizes an average loss of 14.5%.