Why Tableau Software (DATA) Stock Is Up Today

NEW YORK (TheStreet) -- Tableau Software (DATA) was gaining 4% to $79.15 Tuesday after research firm Robert W Baird upgraded the software maker to "outperform" from "neutral."

Baird analyst Steven Ashley talked to Tableau partners and found that they believe the company has only "scratched the surface" of its opportunity. Ashley said the software company's potential market is much larger than industry experts believe.

Microsoft (MSFT) Excel, the software Tableau usually replaces, has 325 million corporate users according to the analyst. Fewer than 500,000 Tableau products are actively used, Ashley said.

While there is room for growth Ashley doesn't expect Tableau to report stronger-than-expected first-quarter results. The analyst anticipates strong, in-line results from the company.

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