Needham & Company analyst Mayank Tandon reiterated a Buy rating and bumped his price target on Sapiens International Corp. NV (NASDAQ: SPNS to $11.00 (from $10.00)

Tandon commented, "Sapiens started FY15 on a positive note despite facing currency-related headwinds. Revenue came in a shade light, primarily because of a negative currency impact, while margins significantly outperformed on the back of operating efficiencies. We believe the recent strong pace of deal signings and SPNS’ improved competitive positioning sets the company up for another solid year. Management reaffirmed FY15 revenue guidance of 11-13% Y/Y growth (17% Y/Y growth in constant currency terms) and 12-13% operating margins (120-220 bps Y/Y expansion) even as management continues to invest in growth initiatives. At 1.6x our EV/FY16 revenue estimate, we believe SPNS remains undervalued for a 15-20% organic revenue grower with potential to deliver sustained margin expansion. We maintain our BUY rating and raise our price target to $11."

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Shares of Sapiens International Corp. NV closed at $8.36 yesterday.