Simulations Plus price target raised to $51 from $50 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Simulations Plus to $51 from $50 and keeps a Buy rating on the shares. The firm notes Q1 results were better than expected with revenues posting 25% year-over-year growth and EPS nicely ahead of its estimate and consensus. While some of this can be attributed to some revenues slipping from Q4, the overall tone on the call was upbeat with management highlighting numerous wins/expansions and minimal impact from small pharma/biotech funding issues, Craig-Hallum adds.