Agilysys price target raised to $100 from $92 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Agilysys to $100 from $92 and keeps a Buy rating on the shares. The analyst cites the company’s “upbeat” Q3 results that were boosted by strong subscription and services revenue growth and stronger margins, also noting that its sales momentum was robust as it signed 18 new logos in the quarter, 17 of which were subscription-based. With shares expected to open at a enterprise value to expected forward revenue multiple of about 7.5-times, the risk-reward on Agilysys looks favorable given the strong subscription growth trends, long growth runway, and rapidly improving profitability, the firm tells investors in a research note.