Gartner (IT) PT, Estimates Lowered at Piper Jaffray

Piper Jaffray analyst Peter Appert trimmed estimates and its price target on Gartner (NYSE: IT) to $90.00 (from $93.00) while maintaining a Neutral rating.

Appert commented, "We remain fans of Gartner's business model (recurring revenues, impressive FCF, room for margin expansion), but view the current valuation as fair/full given somewhat softer near-term operating trends. Evidence of an acceleration in contract value growth with accompanying margin upside (neither of which was evident in 2Q results) would get us more excited about the stock. Maintain Neutral."

The firm cut FY 2016 EPS from $2.41 to $2.37 and FY 2017 EPS from $3.03 to $2.90.

For an analyst ratings summary and ratings history on Gartner click here. For more ratings news on Gartner click here.

Shares of Gartner closed at $95.34 yesterday.

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