PERI stock is up in early trading on January 6, 2020, after a Lake Street analyst hiked his price target.

Lake Street analyst Eric Martinuzzi raised his price target for Perion Network to $8 from $7 saying the company outperformed in Q4. The press release did not specify the source of the revenue upside that drove the adjusted EBITDA beat, but the same “robust” search revenue growth that has powered the first nine months of 2019 also drove the Q4 outperformance, Martinuzzi tells investors in a research note. He believes Perion’s Microsoft Bing relationship “has never been healthier.” The analyst keeps a Buy rating on the stock.

Perion Network Ltd. (NASDAQ: PERI) announced today that based on preliminary and unaudited results, management expects Perion’s adjusted EBITDA for 2019 to exceed guidance of $25 to $27 million and reach at least $30 million. This improvement is the result of higher revenues than internally expected.

The daily chart of PERI stock shows a Symmetrical Triangle breakout:

finviz dynamic chart for  peri