Wedbush Maintains Outperform On Telvent GIT, S.A. (TLVT)

Wedbush Securities is maintaining its Outperform rating and $29 price target on shares of Telvent GIT, S.A.

. In a note to clients, Wedbush writes, "Telvent's analyst day reinforced the company's focus on longer-term profitable growth in what we view as th attractive, sustainability-driven end-markets. Telvent held their 7 annual Analyst and Investor Day in New York City yesterday, with a substantial showing of support from upper management. The presentations gave more of a high-level overview than in previous years, which provided a positive flavor of management's longer-term optimism. We view the company's fresh focus on SaaS as the most material shift communicated in Telvent's business strategy, where an increased mix from SaaS could raise profit levels and improve visibility from recurring revenue. We will incorporate the potential positives from a SaaS business model on improved traction from these initiatives, given significant execution challenges in growing that revenue." Shares of TLVT are trading at $27.80 as of the time of this article, down 10 cents.