Wedbush Raises PT On Callidus Software To $10 After Strong 1Q

Wedbush Securities has published a research report on Callidus Software CALD after the company reported strong 1Q results. In the report, Wedbush writes "In Q1, Callidus' on demand revenue grew +37% yr/yr, impressive growth that is unfortunately overshadowed a bit by expected yr/yr declines in the company's legacy maintenance revenue stream (-6% yr/yr in Q1). CALD is beginning to sign 50-75 new deals / quarter (with ~20 net new enterprise customers), which is a significant ramp up from the past, and which also gives us confidence that its new integrated Sales Performance Management (SPM) suite of products is beginning to resonate with customers." Wedbush maintains its Outperform rating and has raised the price target from $9 to $10. Callidus Software closed yesterday at $6.53.