FICO price target lowered to $1,650 from $1,975 at Needham

Needham lowered the firm’s price target on FICO (FICO) to $1,650 from $1,975 and keeps a Buy rating on the shares. The company’s Q2 results were an “impressive beat and raise”, thanks to the management’s good execution and pricing tailwinds, the analyst tells investors in a research note. The firm adds that FICO platform annualized recurring revenue growth remains impressive despite more challenging compares, and the buyback cadence is accelerating as the management is actively responding to the recent share price volatility.