- 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.
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