FICO price target raised to $1,500 from $1,100 at Needham

Needham analyst Kyle Peterson raised the firm’s price target on FICO to $1,500 from $1,100 and keeps a Buy rating on the shares. The company’s Q1 results came in a touch below high expectations on both the top and bottom line, but this was largely due to a few discrete items and ongoing investments in the software business which should continue to serve as a medium term growth tailwind, the analyst tells investors in a research note. FICO outlook was also held steady, though the guide does not reflect this year’s special pricing increases and also does not assume an improved mortgage environment, the firm added.