Grid Dynamics price target lowered to $18 from $24 at Northland

Northland lowered the firm’s price target on Grid Dynamics (GDYN) to $18 from $24 and keeps an Outperform rating on the shares. The company’s Q1 results and outlook were “better than expected” relative to recently reduced estimates in light of macro concerns, the analyst tells investors. The firm’s reduced price target reflects multiple compression across the group, offset by the “superior growth and execution” at Grid Dynamics, the analyst noted.