Willdan Group (WLDN) PT Raised to $35 at Wedbush, 'reflecting strong visibility'

Wedbush analyst Moshe Katri raised the price target on Willdan Group (NASDAQ: WLDN) to $35.00 (from $30.00) while maintaining a Outperform rating.

The analyst commented: "Raising our 12-months PT on Outperform rated WLDN to $35 (17.5X projected CY25's CEPS) post last week's Midwest NDR with management, reflecting strong visibility relative to CY24's guidance, strong pipeline, including high-margin software (targeting 3,000 municipalities), an ongoing change in software delivery, including billable-implementation work (increasing the recurring nature of deals, with 4-5 year refresh), as well as impressive monetization use cases of consulting, and software engagements leading to 8-10x project work. We're also aligning our CY24 quarterly estimates with management's guidance. A few weeks ago, WLDN reported blowout Q4/CY23 results, while providing conservative CY24 guidance, as we believe recent deal flow (software and services) and pipeline conversion will ultimately result in strong net revenue growth throughout CY24."

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