Alarm.com price target raised to $62 from $55 at JPMorgan

JPMorgan raised the firm’s price target on Alarm.com to $62 from $55 and keeps a Neutral rating on the shares. The Vivint litigation was resolved in late December, which removes an overhang and should result in upside to Alarm.com’s initial 2024 outlook, the analyst tells investors in a research note. That said, the firm’s estimates still imply the company’s license revenue growth slows to 7.5% year-over-year in 2024 as ADT begins to transition new customers onto its own software platform. It views Alarm.com’s valuation as fair at current share levels.