03:01 PM EDT, 03/27/2024 (MT Newswires) -- Pivotree ( PVTRF ) reported its Q4 results with soft top-line performance care of macro-related project delays and the continued transition away from legacy solutions. The company was able to offset that softness with cost optimizations and still delivered a positive adj. EBITDA. The sequential growth in the leading indicator PS bookings suggests Pivotree ( PVTRF ) might be at an early stage of a market recovery, notes National Bank.

When it comes to the MS business, the new segmentation to carve out the high-growing Managed & IP business from the declining legacy managed services provided better clarity on the growth driver as Pivotree ( PVTRF ) positions itself to become a product-oriented company, writes analyst John Shao.

"Despite the short-term challenges, we still believe this name is well positioned to harvest long-term opportunities given its deep expertise in eCommerce, a base of stable enterprise customers, and a growing partnership ecosystem."

Target lowered to $3 (from $3.50). Maintain Outperform.

Price: 1.40, Change: -0.10, Percent Change: -6.67