Oppenheimer Raising Target On Netezza After Earnings (NZ)

Oppenheimer & Co. is extremely optimistic on shares of Netezza Corporation NZ, after the technology software company reported much better than expected earnings. It raised its price target to $20 and kept its Outperform rating. In a note to clients, Oppenheimer writes, "We are raising our PT to $20 (from $16) following NZ's much better than expected F2Q results & improved outlook. NZ's strong 2Q revenue performance was entirely driven by its product revenue, which grew 58% from the year-ago period, as existing customers purchased additional solutions in earnest... Overall, NZ remains one of our top small-cap growth picks, and we believe it to be one of the best ways for investors to benefit from the LT secular trend in data analytics." Shares of Netezza are skyrocketing pre-market, trading up 18.9% to $17.74. This is good for a gain of $2.82 per share.