Alight Solutions (ALIT) PT Lowered to $12 at DA Davidson

DA Davidson analyst Peter Heckmann lowered the price target on Alight Solutions (NYSE: ALIT) to $12.00 (from $14.00) while maintaining a Buy rating.

The analyst comments "Alight reported 1Q results with revenue and earnings measures both a bit below our forecasts. Given the pending divestiture, management did not affirm their prior guidance ranges for 2024. Rather they affirmed the mid-term outlook that they provided in March, which included 4%-6% annual revenue growth, adjusted EBITDA margins moving from 22% (25% pro forma for the pending divestitures) to 28%, and a net leverage ratio below 3.0 times. Following the 1Q update, we have trimmed our revenue and adjusted EBITDA forecasts. We are maintaining our BUY rating on Alight but trimming our price target to $12 (from $14)."

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