Alarm.com price target raised to $78 from $70 at Roth MKM

Roth MKM raised the firm’s price target on Alarm.com to $78 from $70 and keeps a Buy rating on the shares. The company reported another solid quarter beating both estimates and consensus, more so on the profitability front, the analyst tells investors in a research note. Alarm.com’s double-digit SaaS growth and near double-digit SaaS growth guidance for FY24 remain encouraging given the cash flow characteristics, the firm added.