Jefferies Adjusts RNOW Model; PT Goes To $25

Jefferies is adjusting its model on RightNow Technologies, Inc. (NASDAQ: RNOW), which it says has shown strong bookings growth based on strong renewals, upsales and some new customer wins.

“Sales growth approaching 20% seems underpinned and cashflows will improve in FY11; but with increased competition and limited new customer growth, we see risk of bookings growth deceleration,” Jefferies writes.

“We have adjusted our model accordingly, and relative to our prev ests. NG EPS falls: ($0.01) in 4Q10, ($0.10) in CY11 and ($0.12) in CY12.”

Jefferies has raised its PT from $23 to $25.

RightNow Technologies closed Thursday at $23.06.