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Recession Stalwart Could Double, IT Vendor Analyst Says After CEO Meeting

  • Needham analyst Ryan MacDonald reiterated a Buy rating on Verint Systems Inc (NASDAQ: VRNT) and a $61 price target.

  • The re-rating followed his recent investor meetings with company CEO Dan Bodner.

  • Unsurprisingly, the primary topic of discussion was Verint's ability to weather the deteriorating macro environment, mainly as VRNT is one of the few companies to have provided a preliminary outlook for FY24 (CY23).

  • Unlike many of the companies he covered, Verint has managed its way through not one but two recessions (2000 and 2008).

  • While VRNT did not provide an updated outlook, Bodner noted that EMEA has remained surprisingly strong on a CC basis, with the company boasting a healthy pipeline and coverage.

  • In the event of a deep recession, VRNT noted it has multiple levers to drive margin expansion while also boasting a healthy balance sheet capable of returning value to shareholders via buyback if necessary.

  • Price Action: VRNT shares traded higher by 0.58% at $34.03 on the last check Friday.

Latest Ratings for VRNT

Date

Firm

Action

From

To

Dec 2021

RBC Capital

Maintains

Outperform

Sep 2021

Cowen & Co.

Initiates Coverage On

Outperform

Jun 2021

Evercore ISI Group

Initiates Coverage On

Outperform

View More Analyst Ratings for VRNT

View the Latest Analyst Ratings

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