Model N price target lowered to $30 from $44 at JMP Securities

JMP Securities lowered the firm’s price target on Model N to $30 from $44 and keeps an Outperform rating on the shares. The company reported mixed fiscal Q4 results, the analyst tells investors in a research note. The firm says that while investors would like to see more sales growth and margin leverage, it continues to like Model N for a number of reasons, including the company being in the latter stage of its cloud transition, with end of life for on-premise on December 31, and 85% of its life sciences customers “either live or in the process of moving to the cloud.”