Magic Software price target lowered to $13 from $18 at Barclays

Barclays lowered the firm’s price target on Magic Software to $13 from $18 and keeps an Overweight rating on the shares. The analyst says the company’s results were impacted by cost-cutting at key customers, as well as by the Israel-Hamas war and currency headwinds. Looking ahead, the firm views the Magic value proposition as unchanged, and flags its “resilient profitability.”