Verint Systems (VRNT) PT Rises To $63 At JPMorgan On Beat/Raise
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JPMorgan analyst, Paul Coster, reiteratred his Overweight rating on shares of Verint Systems (NASDAQ: VRNT) and raised his price target to $63.00 (from $59.00) after the company reported F4Q EPS of $1.08 on revenue of $337mm, beating the Street consensus of $1.01/$333mm. Revenue from Customer Engagement was slightly higher while Cyber Intelligence revenue was slightly lower. Gross margin was 69.8%, driving the PF operating margin to 26.2%.
The analyst stated "The company expects double-digit revenue growth and margin expansion to continue for the next several years, driven by Cloud adoption". "VRNT is trading at 14.6x CY19 PF EPS, a ~36% discount to its near peer NICE, and a steep discount to the broader peer group. Our YE19 price target goes to $63 from $59 based on an assigned multiple of 16x revised CY20 PF EPS. We believe accelerating growth – if sustained into CY19 – could easily justify a positive re-rating of the stock."
Shares of Verint Systems closed at $51.54 yesterday.
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