Qualtrics price target raised to $16 from $14 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Qualtrics to $16 from $14 and keeps an Overweight rating on the shares post the Q4 results. Not only was the company’s 2023 growth outlook of 14% at the mid-point "slightly better-than-feared," but the new 10% operating margin target implies that profit leverage this year could be much more meaningful than investors appreciate, the analyst tells investors in a research note. The firm sees a potential bottoming of investors sentiment and recommends "GARP investors rebuild positions ahead of the X4 Summit catalyst in early March."