UPDATE: Imperial Capital Initiates Coverage on Qualys with Outperform Rating, $15.50 PT on Strong Growth Position

In a report published Thursday, Imperial Capital analyst Michael Kim initiated coverage on Qualys QLYS with an Outperform rating and $15.50 price target. In the report, Kim noted, “We are initiating coverage with an Outperform rating and one-year price target of $15.50. We believe Qualys is strongly positioned to achieve significant growth from upselling new cloud services into its global customer base, capitalizing on its proven cloud platform. We believe QLYS is a top-tier provider of security and compliance solutions with an attractive Software-as-a-Service (SaaS) model. The company's cloud platform is highly extensible, scalable, and flexible, with over 6,150 customers worldwide. We believe Qualys' SaaS model offers substantial visibility as a recurring, subscription-based business. Qualys' core vulnerability management (VM) solution has proven sticky, with stable pricing and renewal rates exceeding 95% for enterprise customers.” Qualys closed on Wednesday at $10.94.