H.C. Wainwright analyst Kevin Dede maintained a Buy rating on Magic Software Enterprises Ltd (NASDAQ: MGIC) today and set a price target of $10. The company’s shares closed yesterday at $8.45.
Dede noted:
“We are not in the habit of commenting on collaborative selling arrangements, but in considering Microsoft’s global reach, the entrenched nature of that company’s enterprise solutions, and the potential power the Microsoft brand has in endorsing Magic’s integration tools, we think the longer- term implications of Magic’s new status at Microsoft could propel the company’s operating dynamics. A January 2018 cursory review of co-sell OCP anecdotes found one Microsoft “partner” had already noted 12 joints wins with Microsoft and another witnessed a 140% increase in pipeline through Microsoft co-sell opportunities.”
According to TipRanks.com, Dede is ranked 0 out of 5 stars with an average return of -11.3% and a 38.1% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as Top Image Systems, Microvision, and SuperCom.
Currently, the analyst consensus on Magic Software Enterprises Ltd is a Moderate Buy with an average price target of $10.
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The company has a one-year high of $9.50 and a one-year low of $7.60. Currently, Magic Software Enterprises Ltd has an average volume of 21.03K.
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Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.
