Tableau stumbles after Deutsche Bank downgrade

A woman takes pictures of the New York Stock Exchange, which has a Tableau Software banner on its facade, May 17, 2013.
Brendan McDermid | Reuters
A woman takes pictures of the New York Stock Exchange, which has a Tableau Software banner on its facade, May 17, 2013.

Shares of software company Tableau dipped Monday after analysts at Deutsche Bank downgraded the stock to "hold" from "buy."

The data visualization company ended the day down more than 2 percent, and has lost more than half of its value year over year.

"Bottom line, we are incrementally concerned about price discounting and competition and have less confidence in the upside potential to Tableau's 2016 guidance," the Deutsche Bank note said.

Tableau raised its topline outlook for the fiscal year in May. But analysts at Deutsche bank questioned whether discounts, which were up materially in the June quarter, can translate into higher win rates.

"This uncertainty is making it tough for us to make a very bullish call on the stock right now, especially given that Tableau has yet to fill its open President/Sales head role and start any substantial sales structure changes," the note said.

Deutsche Bank maintained its $65 price target, but highlighted competition as the data visualization space becomes more crowded and Microsoft gains market share.

The stock has slid nearly 41 percent year to date after bottoming at $37 in February after it missed quarterly guidance.