Perficient (PRFT) PT Lowered to $120 at Needham & Company

Needham & Company analyst Mayank Tandon lowered the price target on Perficient (NASDAQ: PRFT) to $120.00 (from $145.00) while maintaining a Buy rating following earnings.

The analyst commented, "PRFT posted mixed 2Q22 results as certain project cancellations and delays weighed on revenue, though this was offset by margin strength as additional work continues to get moved offshore. A highlight of the quarter was the 45 large deal wins ($1+ million), up from 28 a year ago. While the project cancellations are disappointing and warrant keeping a close eye on moving forward, PRFT was upbeat on the demand environment and pipeline, citing a 40% Y/Y rise in bookings on an organic basis. Today's pull-back has the shares trading at a reasonable ~19.5x our FY23 EPS estimate, a discount to peers, setting up a favorable risk-reward for small-cap GARP investors. We are maintaining our BUY rating but lowering our target to $120 to reflect the NT revenue headwinds."

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