As previously reported, Oppenheimer downgraded Verint to Perform from Outperform as growth continues to deteriorate, and reduced guidance is heavily loaded to Q4. Positively, the company spoke optimistically about pent-up demand, next year’s pipeline up 20%, and strong customer interest in AI functions and specialized bots, but these will take time to adopt as enterprises build up infrastructure and tooling to support. Oppenheimer is also reducing 2024 revenue by 4% estimate to $898M, and 2025 by 7% to $934M. On the firm’s revised numbers, it sees Verint as fairly valued.
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Read More on VRNT:
- Verint Stock (NASDAQ:VRNT) Tanks 19% Following Weak Q2 Results; Rating Downgrades
- Verint downgraded to Perform from Outperform at Oppenheimer
- Verint falls 15% to $26.20 after Q2 earnings miss
- Verint backs FY24 EPS view $2.65 at midpoint, consensus $2.65
- Verint reports Q2 adjusted EPS 48c, consensus 57c
