Shares of Agilysys (AGYS), a leading provider of hospitality software solutions, surged nearly 6% in pre-market trading on Monday, October 29, 2024. The stock's rally was driven by a combination of factors, including the company's impressive second-quarter results and positive analyst actions.
Agilysys reported quarterly adjusted earnings of $0.35 per share for the quarter ended September 30, 2024, exceeding analysts' expectations of $0.30 per share. The company's revenue also rose 16.5% year-over-year to $68.28 million, surpassing estimates of $67.50 million. These strong financial results, coupled with the company's continued growth and positive outlook, appear to have fueled investor confidence and contributed to the stock's pre-market surge.
Additionally, several analysts provided upbeat commentary and raised their price targets on Agilysys' stock following the earnings release. BTIG raised its price target to $124 from $118, maintaining a "Buy" rating on the shares. Northland Capital Markets also increased its target to $145 from $132, further bolstering investor sentiment.
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