Gartner price target lowered to $525 from $550 at BofA

BofA analyst Heather Balsky lowered the firm’s price target on Gartner to $525 from $550 and keeps a Buy rating on the shares. Gartner delivered what the firm says was “another strong 1Q EBITDA beat,” but that was “appropriately” overshadowed by a Contract Value, or CV, miss. The firm expected CV stabilization, and so were bullish investors it had spoken to, says the analyst, who expects multiple expansion as CV improves, “albeit possibly a quarter later than we previously anticipated.”