Grid Dynamics Holdings (GDYN) PT Raised to $45 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on Grid Dynamics Holdings (NASDAQ: GDYN) to $45.00 (from $30.00) while maintaining a Buy rating.

The analyst commented, "GDYN posted stellar 3Q21 results that beat expectations across the board, highlighted by revenue jumping ~15% Q/Q on an organic basis. Following the strong 3Q21 performance, management provided an above-consensus outlook for 4Q21 and raised its FY21 guidance, which now calls for 46% Y/Y organic growth and a $42 million lift from the acquisitions of Daxx and Tacit Knowledge. We are especially impressed with management's ongoing client diversification efforts and the seven new logo wins in 3Q21 across industry segments. We believe GDYN is well-positioned to continue to benefit from the secular tailwinds driving increased spending on digital transformation across the Global 2000. We are raising our estimates to reflect the strong results and upbeat guidance, reiterating our BUY rating, and raising our target to $45."

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