Stifel analyst Gur Talpaz remains bullish on Barracuda despite being disappointed by the company’s earnings results for the second straight quarter. On Tuesday, Barracuda lowered revenue, EPS and billings guidance for fiscal 2016, prompting Stifel to reduce its price target for the stock. The stock is down more than 27 percent in pre-market trading on Wednesday.

The Numbers

Barracuda reported revenue of $78.4 million for the quarter, falling short of consensus estimates of $78.7 million. In addition, Barracuda missed Stifel’s billings estimate of $101.7 million badly, reporting billings of only $98.4 million for the quarter.

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