Perficient (PRFT) PT Raised to $37 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on Perficient (NASDAQ: PRFT) to $37.00 (from $36.00) while maintaining a Buy rating.

The analyst commented, "We are raising our estimates and price target for PRFT following PRFT's updated guidance, which reflects the recently announced acquisition of Salesforce solution provider Sundog Interactive. The guidance update comes on the heels of CEO Jeff Davis giving a positive presentation at the Needham Emerging Technology Conference. Coming out of the conference, we believe PRFT is well positioned to deliver improved organic services revenue growth, supplement this with tuck-in M&A, while expanding margins through G&A leverage and a continued shift of work to lower cost geographies. We reiterate our BUY rating and raise our target to $37."

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