Piper Jaffray: Secular Growth Makes Gartner Compelling (IT)

Piper Jaffray reports that Gartner, Inc.'s IT results are positive – but the stock has been a rock-star. “While a number of questions remain to be answered on Tuesday's earnings call (why was the 4Q tax low, expectations for CV growth, potential for further margin upside), we like what we saw in the 4Q, particularly the strength in research revenues and CV and the positive trend in margins,” Piper Jaffray writes. “With the stock up 75% over the last 12 months (vs. a 25% gain in the S&P500), much of the good news is likely priced in, although we believe the secular growth story at Gartner remains compelling.” Gartner closed Monday at $36.59.