OneSpan Inc. (OSPN) PT Lowered to $29 at Needham & Company

Needham & Company analyst Alex Henderson lowered the price target on OneSpan Inc. (NASDAQ: OSPN) to $29.00 (from $31.00) while maintaining a Buy rating following the company's weak 2Q earnings report. While the stock's sharp decline in aftermarket confirmed investors' disappointment, Henderson still sees some positives. Newly disclosed ARR growth of 29%, 50% growth in Recurring Revenue Bookings, and 50% growth in pipeline all give management the confidence to continue investing in the business.

Needham & Company cut CY20 Revenue and EPS estimates to $234.5M and $0.28, respectively. CY21 Revenue and EPS estimates also come down to $272.1M and $0.57.

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