Gartner (IT) PT Raised to $391 at Goldman Sachs

Goldman Sachs analyst George Tong raised the price target on Gartner (NYSE: IT) to $391.00 (from $348.00) while maintaining a Buy rating following earnings.

The analyst commented, "Gartner reported healthy 3Q results with outperformance on revenue, EBITDA margins and EPS relative to our expectations and consensus, coupled with an across-the-board raise to the full year 2022 guide. Gartner sustained healthy mid-teens Research CV y/y growth in 3Q with low-teens growth in GTS and 20%+ growth in GBS, and we expect double-digit CV growth to persist based on strong increases to the sales force headcount in the quarter. Conferences surprised to the upside driven by a return of in-person events and strong growth in both attendees and exhibitors. Management reiterated its expectations of healthy normalized EBITDA margins in the low-20s, which come well above pre-COVID levels of 16%, benefiting from operating leverage, T&E efficiencies and real estate savings. We reiterate our Buy rating and raise our $12-month price target from $348 to $391."

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