Perficient (PRFT) PT Lowered to $145 at Needham & Company

Needham & Company analyst Mayank Tandon lowered the price target on Perficient (NASDAQ: PRFT) to $145.00 (from $155.00) while maintaining a Buy rating.

The analyst commented, "PRFT posted another strong quarter, with 4Q results beating expectations on the top and bottom line as the demand for digital transformation services remains robust across the globe. A highlight of the quarter was the 98 large deal wins (up from 70 a year ago) which we believe demonstrates strong sales execution and the company's deep vertical and domain capabilities. Management also provided a strong 1Q/FY22 outlook that was above consensus on both the top and bottom line fueled by the improving execution on large deals, broad-based demand, and increased mix of offshore and near-shore work. We are reiterating our BUY rating but trimming our target to $145 to reflect lower market valuations for digital IT services stocks."

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