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Q2 Holdings price target lowered to $35 from $62 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on Q2 Holdings to $35 from $62 but keeps a Buy rating on the shares. The company’s Q3 results were "mixed" as macro headwinds weighed on revenue from discretionary projects and transaction-based services, though EBITDA came in above forecasts as management placed an increased focus on expense management, the analyst tells investors in a research note. Q2 Holdings’ Q3 also marked the strongest bookings performance of the year as the company signed one enterprise and three Tier-1 digital banking contracts, highlighting the underlying strength of the business, Tandon adds.

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