Analysts Stay Positive on Alight (ALIT) Despite CFO Exit

Alight, Inc. (NYSE:ALIT) is one of the 10 Best US Penny Stocks to Buy. On December 19, Needham reiterated its Buy rating on Alight, Inc. (NYSE:ALIT) but lowered its price target from $4.5 to $3.5 on the stock.

Also on December 19, DA Davidson reiterated its Buy rating on Alight, Inc. (NYSE:ALIT) with a price target of $6. This update comes after news of the departure of the company’s CFO. Alight, Inc. (NYSE:ALIT) announced that its Chief Financial Officer, Jeremy Heaton, will be leaving the company to pursue an opportunity outside of the benefits administration industry.

Analysts Stay Positive on Alight (ALIT) Despite CFO Exit

According to the report by the company, Greg Giometti, who currently serves as Alight, Inc.’s (NYSE:ALIT) Senior Vice President and Head of Financial Planning and Analysis, has been appointed Interim Chief Financial Officer. This appointment will take effect on January 9.

Giometti joined Alight, Inc. (NYSE:ALIT) in 2020 and has taken on roles with growing responsibility within the company’s finance team. Previously, Giometti also held various finance positions at different companies.

DA Davidson kept its positive view on Alight, Inc. (NYSE:ALIT) despite the CFO’s departure. The research firm believes that the company’s new CEO and interim CFO might set “conservatively low” expectations for near-term quarterly results. DA Davidson also believes that the decline in the price of the stock is “overdone.”

Alight, Inc. (NYSE:ALIT) is a leading cloud-based human capital technology and services provider. The company’s Alight Worklife platform helps organizations manage employee benefits like healthcare, payroll, and wellbeing.

While we acknowledge the potential of ALIT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ALIT and that has a 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.