Imperial Capital maintained an Outperform rating on Verint Systems (NASDAQ: VRNT), and cut the price target to $55.00 (from $60.00), following the company's 3Q earnings report. Non-GAAP revenue of $285mn was below consensus estimate of $299mn. Non-GAAP EPS of $0.78 was below consensus estimate of $0.79.

Analyst Jeff Kessler commented, "As a result of the company lowering its FY16 guidance, we are lowering our FY16-FY18 estimates. We are lowering our FY16 revenue estimate to $1.18bn from $1.20bn, our EPS estimate to $3.31 from $3.45, and our EBITDA estimate slightly to $283mn from $286mn. We are also lowering our FY17 revenue estimate to $1.26bn from $1.30bn, EPS to $3.82 from $3.93, but slightly increasing our EBITDA to $306mn from $303mn due to an adjustment to our depreciation and amortization (D&A) calculation. We are also lowering our FY18 estimates, with revenue now at $1.34bn from $1.38bn, and EPS to $4.16 from $4.32, but we are maintaining our EBITDA estimate of $329mn due to a calculation adjustment to our D&A estimate."

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Shares of Verint Systems closed at $40.00 yesterday.