Needham & Company analyst Mayank Tandon lowered the price target on ACI Worldwide (NASDAQ: ACIW) to $40.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, "ACIW reported steady 2Q results, which were largely in-line with both our and Street estimates on revenue and a touch above on the bottom line as the company continues to streamline costs and prioritize investments in higher growth areas such as real-time payments. The NT outlook was mixed, with 3Q coming in a touch light due to the timing of license renewals. However, the full-year revenue guidance was solid and the adjusted EBITDA outlook was held firm, which we view as a positive as management continues to focus on driving steady profitable growth. With the shares trading at an EV/FY22 EBITDA multiple of ~12x, we view the risk-reward as favorable given the potential for steadier execution under the new CEO. We are reiterating our BUY rating but trimming our target to $40 to reflect a more back-end weighted FY21 outlook."