Needham raised the firm’s price target on FICO (FICO) to $2,575 from $2,500 and keeps a Buy rating on the shares. The company’s platform software business has been under increased scrutiny of late after a few quarters of below-trend ARR – annual recurring revenue – growth, but coming off its investor day, the firm believes that interest from clients and partners continues to grow, the analyst tells investors in a research note. Needham is increasingly bullish on a recovery in platform growth in the coming quarters due to factors like moving fraud solutions to the platform, expanding the partner channel, and continuing to integrate and leverage AI.
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