Gartner price target raised to $500 from $465 at BofA

BofA raised the firm’s price target on Gartner to $500 from $465 and keeps a Buy rating on the shares. Gartner has “a consistent track record of guiding margins cautiously and then beating plan,” says the analyst, who expects management to guide 2024 margins in the 22%-range and then to beat and raise on that line as the year progresses. The firm is raising its 2023 and 2024 EBTIDA margins forecasts to 24.7% and 24.5%, respectively, while also also raising its 2024 free cash flow view by about 8% to $1.29B on a higher EBITDA margin and cash conversion ratio, the analyst noted.