Perficient (PRFT) PT Raised to $130 at Needham & Company to Reflect Robust End-Market Demand/Sound Execution

Needham & Company analyst Mayank Tandon raised the price target on Perficient (NASDAQ: PRFT) to $130.00 (from $110.00) while maintaining a Buy rating.

The analyst commented, "We hosted Paul Martin, PRFT's CFO, for investor meetings at the 3rd Annual Needham FinTech & Digital Transformation Conference last week. Based on our positive takeaways from the meetings around strong end-market demand for digital transformation services, rapid growth in offshore projects, and management's sound execution through the pandemic, we believe that PRFT can sustain low double-digit organic services revenue growth well into FY22. Accordingly, we are raising our FY22 estimates to reflect our increased confidence in PRFT's growth trajectory. We are reiterating our BUY rating and raising our price target to $130 to reflect the improved organic growth outlook and the higher market valuations for digital IT services providers."

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