Needham analyst Mayank Tandon reiterated a Buy rating on Grid Dynamics Holdings today and set a price target of $15.00.
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Mayank Tandon has given his Buy rating due to a combination of factors including Grid Dynamics Holdings’ strong performance in AI and Data capabilities, even amidst a challenging IT spending environment. The company’s recent quarterly results aligned with expectations, showcasing its ability to maintain robust operations.
Despite a conservative outlook for the upcoming quarter due to reduced revenue from a major client and increased AI investments, the company has maintained its full-year revenue guidance. Tandon believes that Grid Dynamics is well-positioned to capture market share and accelerate organic growth as conditions improve, thanks to its strategic investments and competitive strengths. Consequently, while the target price has been adjusted to $15 to account for near-term growth challenges, the Buy rating is reiterated.