Perficient price target lowered to $69 from $77 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Perficient to $69 from $77 and keeps a Neutral rating on the shares after the company posted Q2 revenue “slightly below” the firm’s $234M estimate, while reporting that bookings were down and new projects that were awarded are ramping more slowly than expected. The company lowered its adjusted EPS guidance to $3.93-$4.05 from $4.60-$4.75, notes the firm, whose new adjusted EPS estimates are down to $3.91 in 2023 and $4.05 in 2024.