Verint Systems tumbles after missing estimates, downgrading outlook

Verint Systems

07/09/2023 16:24

** Shares of data analytics firm Verint Systems Inc.
 VRNT.O  fall 14% to $27, hits nearly three-year low
    ** Stock set to post worst day since April 2020, if losses
continue
    ** Co reduces 2024 adj. revenue outlook to $910 mln vs.
previous outlook of $935 mln
    ** Posts Q2 adj. EPS of 48 cents​​ vs analysts' est. of 57
cents - LSEG data
    ** Reports Q2 revenue of $210.17 mln vs analysts' est. of
$225.10 mln - LSEG 
    ** Brokerage Evercore ISI cuts stock rating to 'in line'
from 'outperform', while reducing PT to $28 from $50
    ** Brokerage Oppenheimer cuts stock rating to 'perform' from
'outperform'
    ** About four brokerages cut target price on VRNT citing
disappointing FY outlook and Q2 results estimate miss
    ** Including session's losses, stock down 27.7% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))