Grid Dynamics price target lowered to $10 from $13 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on Grid Dynamics (GDYN) to $10 from $13 and keeps a Buy rating on the shares. The company’s Q4 results came in ahead of consensus expectations, highlighting its continued momentum in AI-driven engagements and improving vertical diversification, the analyst tells investors in a research note. Grid Dynamics is well positioned to accelerate growth and expand margins over the medium term, the firm adds, noting however that its price target cut reflects recent multiple compression across IT services stocks.