UPDATE: Verint Systems (VRNT) PT Raised to $64 at Needham & Company After Beating Expectations

Needham & Company analyst Ryan MacDonald raised the price target on Verint Systems (NASDAQ: VRNT) to $64.00 (from $53.00) after the company reported solid 2Q21 results in which revenue and EPS came in well above low expectations. Each business segment reported y/y declines in the 5% - 6% range but there were clear signs of progress towards pre-COVID levels.

The analyst maintained a Buy rating, stating "the model transition in Cyber Intelligence continues to drive GM improvement. Given the expectation of seq. growth in 2H'21 suggests a continuation of these positive trends, we have an increased confidence that the fundamentals will continue to improve in a post-COVID environment. As such, we reiterate our Buy rating, while increasing our PT to $64 as we roll forward our SOTP valuation of 14x for CE and 8x for CI to our updated FY22 EBITDA estimates".

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