Rimini Street price target raised to $5.50 from $4.75 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger raised the firm’s price target on Rimini Street to $5.50 from $4.75 and keeps a Buy rating on the shares after the company posted Q4 revenue of $112M, which was more than $2M higher than consensus, and operating expenses were lower than expected. The firm increased its adjusted EBITDA estimates for 2024 and 2025, but says it has “taken a conservative approach to our target given the overhang with a multiple that is very low and applying it to our 2024 estimate instead of 2025.”