These Analysts Boost Their Forecasts On Gartner Following Upbeat Earnings

Author: Avi Kapoor | July 31, 2024 01:53pm

Gartner, Inc (NYSE:IT) reported a second-quarter earnings beat and raised its FY24 guidance on Tuesday.

Gartner reported second-quarter FY24 sales growth of 6.1% year-on-year to $1.595 billion, marginally above the analyst consensus estimate of $1.585 billion. Adjusted EPS of $3.22 beat the analyst consensus estimate of $3.02.

Gene Hall, Gartner's Chief Executive Officer, commented, "Revenue, Adjusted EBITDA, and Adjusted EPS were ahead of expectations. We remain well-positioned to drive long-term, sustained, double-digit growth built on delivering actionable, objective insight to help our clients address their mission-critical priorities."

Gartner continues to see FY24 revenue of at least $6.2 billion versus an estimate of $6.237 billion. Gartner raised its FY24 adjusted EPS outlook to at least $11.05 from previously expected at least $10.90 against the consensus estimate of $11.63.

Gartner shares rose 1% to trade at $503.82 on Wednesday.

These analysts made changes to their price targets on Gartner following earnings announcement.

• Baird analyst Jeffrey Meuler maintained Gartner with an Outperform rating, while raising the price target from $517 to $565.
• BMO Capital analyst Jeffrey Silber maintained the stock with a Market Perform and raised the price target from $450 to $510.
• UBS analyst Joshua Chan maintained Gartner with a Buy and boosted the price target from $510 to $580.
• B of A Securities analyst Gary Bisbee maintained the stock with a Buy and increased the price target from $525 to $580.

Read More:

• Jim Cramer Says This Home Improvement Chain Is A Buy Ahead Of Fed Rate Cut Cycle: ‘I Would Pick Some Up Tomorrow’

Posted In: IT