Simulations Plus price target lowered to $55 from $67 at Oppenheimer

Oppenheimer lowered the firm’s price target on Simulations Plus to $55 from $67 and keeps an Outperform rating on the shares. The firm notes Simulations Plus reported Q4 with revenue of $15.6M slightly missing both its $16.7M and Street’s $16.9M. Despite macroeconomic uncertainties, Simulations Plus’ FY23 year-to-year topline growth of 11% hit guidance range. With contract harmonization achieved in the majority of large accounts, Oppenheimer expects less seasonality in FY24.