On Tuesday, DA Davidson showed confidence in ACI Worldwide (NASDAQ: NASDAQ:ACIW) shares, as the firm increased its price target on the stock to $57.00 from $52.00, while keeping a Buy rating. The adjustment comes in anticipation of the company's third-quarter results, which are expected to be released in the week of November 4th. The analyst at DA Davidson believes that ACI Worldwide is likely to either meet or slightly surpass their projections.
The firm also anticipates that ACI Worldwide's management will confirm or slightly adjust their financial guidance for the year 2024. This expectation is based on the company's performance and market conditions leading up to the report. The analyst's remarks indicate a positive outlook for ACI Worldwide's upcoming financial disclosures and suggest that the company's strategic moves are yielding favorable results.
In addition to adjusting the price target, the analyst noted that ACI Worldwide's stock has experienced a significant increase, bringing its valuation towards the higher end of its ten-year range. This observation underscores the stock's strong performance in the market.
DA Davidson's decision to maintain the Buy rating on ACI Worldwide reflects the firm's belief in the company's strength and potential for continued growth. The analyst mentioned plans to re-evaluate their forecasts, valuation framework, and rating for ACI Worldwide after the third-quarter report is made public.
Investors and market watchers are now looking forward to ACI Worldwide's third-quarter results, which will provide further insights into the company's financial health and future prospects. The firm's updated price target and sustained Buy rating indicate a positive sentiment towards ACI Worldwide's stock in the near term.
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