SS&C Technologies Holdings, Inc. (SSNC) PT Raised to $68 at Needham & Company
Needham & Company analyst Mayank Tandon raised the price target on SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) to $68.00 (from $65.00) while maintaining a Buy rating.
The analyst commented, "SSNC posted upside 2Q results, beating estimates on both the top and bottom line on the back of solid operating trends despite the impact of COVID-19 on the economy. While management is not providing specific guidance currently, it updated its scenario analysis provided following the 1Q results. The updated outlook is largely consistent on revenue, but higher on adjusted net income to reflect the better-than-expected 2Q performance and lower interest expense. Based on SSNC's mission-critical solutions for the global financial services industry and high revenue retention rates, we believe the company is well positioned to return to trend line growth in FY21 as the economic impact from the pandemic starts to ease. We are maintaining our BUY rating and raising our target to $68."