Grid Dynamics price target raised to $30 from $25 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on Grid Dynamics (GDYN) to $30 from $25 and keeps a Buy rating on the shares. The company’s Q4 results were strong and came in above the Street expectations on the top and bottom line, as improving organic demand, sound execution, and accretive M&A all helped produce a solid quarter, the analyst tells investors in a research note. Coming off the results, management provided a strong outlook is “especially impressive” relative to other IT services providers which have given choppier near-term demand forecasts, Needham adds.