Intapp price target lowered to $44 from $48 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Intapp (INTA) to $44 from $48 on lower group multiples, while keeping an Outperform rating on the shares. Intapp’s business had a good Q1 with above consensus results driven-by strength in larger deals, expansions, and momentum with the Microsoft (MSFT) partnership, the firm notes. Overall, Oppenheimer believes the Q1 results and higher guidance supports its thesis that Intapp is a defensible name and attractive verticals compounder in end-markets that are later stage replat forming and carry counter-cyclical demand characteristics.