From Barchart: 2024-11-19 07:35:00

Magic Software (NASDAQ:MGIC) saw a 1% pre-market rise after Barclays raised their price target to $15, citing stabilizing growth and positive IT spending outlook. The company reported annual growth and a 5% revenue increase in the latest quarter, with a slight raise in full-year guidance. Fourth-quarter revenue is expected to grow by 9%.

Improving IT spending expectations for 2025 indicate a shift towards investment, benefiting Magic Software. With strategic diversification and professional services offering recurring revenue, the company is well-positioned for sustained growth. Recurring revenue accounts for approximately 80% of total revenue, contributing to the positive outlook provided by Barclays.



Read more at Barchart:: Barclays Raises Magic Software Price Target as Gro…