Intapp gains as brokerages raise PT on strong quarter

Intapp

08/11/2022 16:39

** Shares of cloud-based IT service provider Intapp Inc  INTA.O 
up 7.3% at $22.11, after earlier touching highest level since
May 
    ** Brokerages raise PTs on strong Q1, expecting room for
growth despite the existing macroeconomic situation
    ** Co on Monday reported a surprise adj Q1 profit of 1 cent
per share vs Wall Street expectations for a loss of 4 cents per
share  urn:newsml:reuters.com:*:nGNXbH2PnJ
    ** Piper Sandler raises PT to $26 from $21; remains
"overweight" on stock 
    ** Says co, which is expected to have cloud as its larger
business, sees healthy demand from business clients who are not
sensitive to macroeconomic movements 
    ** Adds that business-level clients of co, facing slowdowns,
are resorting to improved tech infrastructure 
    ** Credit Suisse raises PT to $27 from $22; maintains
"outperform" rating 
    ** Says co has not seen lengthening sales cycles or macro
headwinds 
    ** "Regardless of market dynamics, we expect the INTA stock
to rally on impressive FQ1A beat and guide raise," says Credit
Suisse 
    ** BofA and Raymond James have also increased their PTs on
INTA
    ** YTD, the stock is down ~12%, including session moves 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))