SS&C price target lowered to $62 from $71 at Needham

Needham lowered the firm’s price target on SS&C to $62 from $71 but keeps a Buy rating on the shares. The company’s Q3 results missed expectations as soft demand in areas such as I&IM and Eze/Financial markets offset healthy trends in the retirement, Intralinks, and Blue Prism businesses, the analyst tells investors in a research note. On the plus side, SS&C is making good progress on scaling its digital worker initiatives, and the company is also actively repurchasing stock, the firm added.