Perficient price target lowered to $67 from $71 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Perficient to $67 from $71 and keeps a Neutral rating on the shares. The firm notes Perficient reported Q4 revenue of $221M, which was about $3M below consensus and implies a 5% year-over-year decline on weaker corporate IT spending. The company also posted adjusted EPS of 99c, which was in line with Alliance Global’s estimate, but 2c below consensus. Bookings trends have begun to improve as deal sizes are increasing, and management expects this will lead to a return to organic revenue growth in the second half of 2024. However, delays for new business continue and customers are cautious about ramping new projects, which is reflected in the disappointing Q1 2024 guidance, the firm adds.