FMP
Nov 19, 2024 12:35 PM - Davit Kirakosyan
Image credit: FMP
Magic Software (NASDAQ:MGIC) shares rose more than 1% pre-market today after Barclays analysts increased their price target for the company from $14 to $15 while maintaining an Overweight rating. The revision reflects stabilizing growth and positive expectations for IT spending in the coming years.
Magic Software reported a return to annual growth and a 5% sequential revenue increase in the most recent quarter, building on 4% growth in both Q2 and Q1. Management slightly raised its full-year revenue guidance, increasing it by 40 basis points at the midpoint. While fourth-quarter guidance reflects a sequential decline due to fewer billing days from holiday timing, annual revenue growth for the quarter is expected to reach 9%.
Barclays noted that improving IT spending expectations for 2025 signal a potential shift from cost-cutting to investment among Magic Software’s customers. The company’s strategic diversification and professional services offerings, which provide recurring revenue accounting for approximately 80% of total revenue, position it well for sustained growth.
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