JPMorgan analyst Brian Essex initiated coverage of Qualys with an Underweight rating and $109 price target. The company’s spending remains elevated, its growth is decelerating, and with a valuation at a premium to peers, the stock’s setup is challenging, the analyst tells investors in a research note. Healthy cash flow support and share repurchases enabled the stock to perform well over the past year, but these drivers are not sustainable for a deteriorating business, the firm contends.
Published first on TheFly
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