Needham analyst Mayank Tandon lowered the firm’s price target on Agilysys (AGYS) to $100 from $125 but keeps a Buy rating on the shares. The firm’s recent meetings with the management team left it more confident that the headwinds that have impacted sales and services revenue are transitory and growth should inflect higher and return to trend within 2-3 quarters, the analyst tells investors in a research note. With a strengthened sales leadership team, Agilysys is set up well to deliver 25% organic subscription revenue growth on a multi-year basis, the firm adds.
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Read More on AGYS:
- Agilysys: Positioned for Growth with Strong Long-term Prospects Despite Short-term Challenges
- Agilysys management to meet with Needham
- Agilysys, Inc. Reports Record Revenues Amid Challenges
- Agilysys Acquires Book4Time, Expands Spa Software Reach
- Agilysys price target lowered to $120 from $125 at Craig-Hallum
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