Rimini Street price target lowered to $4.50 from $5.50 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Rimini Street to $4.50 from $5.50 and keeps a Buy rating on the shares as the firm lowered estimates following earnings to reflect weaker sales execution performance. The firm, which says it “conservatively” models $50M in cash payouts for litigation and legal fees, argues the limited growth and litigation risk is fully reflected in the stock and anticipates a meaningful recovery in the stock once the uncertainty subsidies.