Imperial Capital analyst Jeff Kessler reiterated an Outperform rating and boosted his price target on Verint Systems (NASDAQ: VRNT) to $70.00 (from $61.00) following solid Q3 results.

Kessler commented, "On 12/3/14, Verint reported better than expected revenue, EPS, EBITDA, and operating income results, as compared to our and consensus estimates. Management slightly increased the mid-point of the revenue outlook and narrowed the revenue range to $1.14bn-$1.165bn. As a result of the strong 3Q15 results, the increase in the mid-point of the guidance, and with Verint’s increased total addressable market (TAM) expanding into several new areas, we are raising our price target to $70 from $61, given our confidence that the persistence of the business will allow us this longer view."

The firm is raising FY15E EPS to $3.45 from $3.42, and our FY15 revenue estimate to $1,155.6mn from $1,145.5mn.

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Shares of Verint Systems closed at $59.49 yesterday.