Alarm.com price target raised to $64 from $60 at Northland

Northland analyst Michael Latimore raised the firm’s price target on Alarm.com to $64 from $60 and keeps an Outperform rating on the shares after SaaS growth beat expectations and hardware sales “well outperformed” in Q2. The firm is increasing its FY23 EBITDA estimate following the Q2 report, the analyst noted.