Alight price target lowered to $12 from $14 at Wedbush

Wedbush analyst Daniel Ives lowered the firm’s price target on Alight to $12 from $14 and keeps an Outperform rating on the shares. Alight delivered mixed results, with top line results missing consensus while bottom line results beat slightly as the company generates further traction with its BPaaS model transition while focusing on completing the sale of its Payroll and Professional Services business, the analyst tells investors in a research note. The company won’t be updating its FY24 guidance until after the close of its Payroll and Professional Services business transaction, but Wedbush says the long-term thesis remains fully intact.