Mimecast Ltd Receives a Rating Update from a Top Analyst

In a report released today, Shaul Eyal from Oppenheimer reiterated a Buy rating on Mimecast Ltd (NASDAQ: MIME), with a price target of $45. The company’s shares closed yesterday at $40.85, close to its 52-week high of $42.86.

Eyal observed:

“We are raising our PT on MIME to $45 from $38 following improved guidance (fundamental and FX driven) and solid F4Q18 (Mar ’18) results. On a non-GAAP basis, MIME delivered LPS of $-0.05 compared to the consensus estimate of $-0.01 along with revenue of $73M (+40% y/y) vs. the consensus revenue of $71.5M. Targeted Threat Protection “TTP” continues to show strength with more than 1,800 customers purchasing the offering, so that 56% of MIME’s customers are using TTP. Mimecast’s customers are using its solutions in conjunction with Office 365 compared to 21% during the year-ago quarter. We continue to believe that MIME’s powerful multi-tenancy platform is a competitive differentiator, enabling it to accelerate revenue growth while expanding EBITDA margins. Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 14.0% and a 65.4% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.

Mimecast Ltd has an analyst consensus of Strong Buy, with a price target consensus of $43.50.

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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.