Analyst Peter McNally from Stifel Nicolaus maintained a Buy rating on Wandisco (CRTA – Research Report) and decreased the price target to p53.00 from p93.00.
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Peter McNally’s rating is based on several positive developments within Wandisco, now known as Cirata. The company has shown significant progress in transitioning from recovery to growth, with a 15% increase in revenue and a more focused sales organization. This growth is supported by a substantial reduction in operating costs, which is expected to decrease the cash burn rate significantly in the coming year.
Additionally, Cirata has landed a significant $2 million contract with a top US bank, demonstrating strong sales momentum. The company’s strategic focus on data migration and modernization, along with improved sales cycle management, positions it well for future growth. McNally believes that if Cirata continues to execute its sales strategy effectively, there is potential for a dramatic improvement in the share price, justifying the Buy rating.