Grid Dynamics price target raised to $25 from $20 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Grid Dynamics (GDYN) to $25 from $20 and keeps a Buy rating on the shares after hosting its CFO Anil Doradla for investor meetings. The firm has come away incrementally confident that demand is showing signs of sustainable improvement after several years of an uneven IT spending environment, the analyst tells investors in a research note. Grid Dynamics is well positioned to benefit from spending on AI as projects move from the “proof of concept” stage to full scale production mode, the firm added.