Stifel analyst Brad Reback lowered the firm’s price target on Cognyte to $3 from $6 and keeps a Hold rating on the shares after the company reported fiscal Q3 results that lagged expectations due to macro and operational issues. While management did note they believe they have reached a turning point for visibility going forward, recent customer commentary leads Reback to estimate Cognyte now has a project delivery schedule that should support about 5% revenue growth in FY24, calling management’s recent operational track record "suboptimal."
Published first on TheFly
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