12:48 PM EDT, 06/06/2024 (MT Newswires) -- Verint Systems ( VRNT ) is positioned to be an "early beneficiary" of artificial intelligence as its open platform enables AI adoption without the need for major IT upgrades, Oppenheimer said in a note.

Oppenheimer said in a Wednesday note that the overall customer experience market is poised for rapid growth, with the total market size expected to double, which should reduce the impact on companies like Verint ( VRNT ) and balance the extra competition from the tech giants.

"Its portfolio of bots is delivering measurable business outcomes, which is driving larger contracts with longer terms," said the investment firm. Revenue, however, "remains a bit soft" and a more meaningful growth could take about 18 months more, Oppenheimer added.

Verint Systems ( VRNT ) reported fiscal Q1 results ahead of market expectations, with non-GAAP diluted earnings of $0.59 and revenue of $221.3 million. Oppenheimer said it raised its fiscal 2025 revenue estimate for the company to $948.6 million from $938.6 million given its improved outlook and strong momentum.

Oppenheimer reiterated its perform rating on Verint Systems ( VRNT ).

The shares of the company were up 4.6% in recent trading.

Price: 36.30, Change: +1.58, Percent Change: +4.55