Verint Systems (VRNT) PT Cut to $64 at RBC Capital On Weak 3Q Guidance

RBC Capital analyst Dan Bergstrom lowered the price target on Verint Systems (NASDAQ: VRNT) to $64.00 (from $66.00) while maintaining a Outperform rating after reporting revenue/EPS of $331M/$0.82 compared with consensus of $334M/$0.80. The company continues to see success around the Cloud, and around larger deals as enterprise customers are starting to more rapidly adopt the Cloud solutions. The company took a more conservative approach to third quarter guidance which is expected to be “similar to Q2...consistent with past years" leading RBC to reduce estimates to slightly below the midpoint.

The analyst stated "more conservative posture around Q3 and maintained FY outlook likely places more emphasis on Q4 results". He went on to state "we thought it made sense to move our estimates to slightly below the midpoint, though we still expect good trends into year-end. Overall we maintain our Outperform rating and decrease our price target slightly to $64 on slightly lower EPS estimates".

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