WageWorks (WAGE) PT Slashed at Needham & Company; 'Buy' Maintained

Needham & Company analyst Michael Huang lowered his price target on Buy-rated WageWorks (NYSE: WAGE) to $44.00 (from $65.00) following Q1 results, while solid may not be enought to abte SaaS valuation concerns.

Huang commented, While Q1 performance was relatively solid and devoid of meaningful surprises, some investors could be disappointed by the lack of stronger guidance (Q2 guide a bit light, F14 guidance reaffirmed but with the midpoint below the street), especially given the valuation turmoil impacting our broader SaaS universe over the past couple months."

The firm bumped FY 2014 EPS from $0.82 to $0.83.

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

Shares of WageWorks closed at $37.20 yesterday.

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