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On Wednesday, BMO Capital Markets adjusted its stock price target for Gartner Inc. (NYSE:IT), a leading research and advisory company, to $510, up from the previous target of $450. The firm maintained its Market Perform rating on the stock.
The revision comes after Gartner reported a margin-driven earnings beat, attributed to lower-than-anticipated selling, general, and administrative (SG&A) expenses. The company also saw a resurgence in new business and an acceleration in Contract Value (CV) growth, aligning with management's earlier projections.
Despite experiencing some attrition in the Tech Vendor and GTS segments during the quarter, Gartner is expected to focus on sales force recruitment in the second half of 2024 to achieve the management's year-end targets.
In response to these developments, BMO Capital has revised its estimates for Gartner and raised the target price to reflect the company's recent performance and near-term expectations. The updated target is set with the anticipation of Gartner's continued execution on its strategic initiatives and operational goals.
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