Magic Software price target lowered to $18 from $23 at Barclays

Barclays analyst Tavy Rosner lowered the firm’s price target on Magic Software to $18 from $23 and keeps an Overweight rating on the shares. The company’s Q2 results were mixed with revenue lower than consensus estimates, offset by a margin beat which led earnings higher than expectations, the analyst tells investors in a research note. The firm dropped the price target to reflect the slower growth environment.