Mimecast Ltd Receives a Buy from BMO Capital

In a report released today, Keith Bachman from BMO Capital reiterated a Buy rating on Mimecast Ltd (NASDAQ: MIME), with a price target of $48. The company’s shares closed yesterday at $40.85, close to its 52-week high of $42.86.

According to TipRanks.com, Bachman is a 5-star analyst with an average return of 17.4% and a 70.7% success rate. Bachman covers the Technology sector, focusing on stocks such as DXC Technology Company, Infosys Limited, and Salesforce.com.

Currently, the analyst consensus on Mimecast Ltd is Strong Buy and the average price target is $44.50, representing an 8.9% upside.

In a report released today, Oppenheimer also reiterated a Buy rating on the stock with a $45 price target.

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Based on Mimecast Ltd’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.59 million. In comparison, last year the company had a GAAP net loss of $2.62 million.

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Mimecast Ltd. engages in the provision of cloud security and risk management services for corporate information and email. It operates through the following geographical segments: United States, United Kingdom, South Africa, and Other. It develops proprietary cloud architecture to offer email security, continuity and archiving capabilities.