WANdisco's 'Hold' rating, target price under review by finnCap

Shares in WANdisco muscled ahead more than 11% as finnCap placed its 'hold' rating on the provider of non-stop big data under review, as well as the company's 200p-a-share target price.

The company has today announced a proposed $15m fundraising at 160p a share and a potential expansion of its existing debt facilities.

finnCap analyst Andrew Darley noted that WANdisco's update noted four significant big data contract wins in the first quarter.

There was also a further significant deal won and already in advanced procurement stages.

Darley further observed that cumulative go-lives had accelerated to 14, from six, and that staff numbers had fallen to 126, from 143.

This meant that WANdisco's adjusted loss before interest, tax, depreciation and amortisation and net debt were better than planned for first-quarter 2016.

Chief financial officer Paul Harrison was leaving the company, Darley noted.

"We place our forecasts, target price of 200p and recommendation (formerly 'Hold') under review pending remodelling and a catch up with management," he said.