Perficient price target lowered to $77 from $81 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Perficient to $77 from $81 and keeps a Neutral rating on the shares post the Q4 results. The company’s organic growth rate has slowed four consecutive quarters, the analyst tells investors in a research note. The firm believes enterprises have started off 2023 cautiously in regard to IT spending, resulting in slower bookings trends and elongated sales cycles for the industry and Perficient.