Conduent's transport business divestment a welcome announcement - Cowen
08/04/2022 12:21
** Business process services company Conduent Inc CNDT.O
before markets opened on Thursday said it will pursue separation
of its transportation business
** Co's shares closed ~11% higher on Thursday, its best day
in 16 months and highest closing price in over two months
** Brokerage Cowen says it is a welcome announcement as it
follows recent portfolio simplification efforts
** Cowen expects co will aim to update the Street with
standalone details in its upcoming quarter and expects a
timeline not to last beyond the current fiscal year
** Up to last close, stock had risen ~1% YTD
(Reporting by Akash Sriram in Bengaluru)
((Akash.Sriram@thomsonreuters.com;))