Brokerages cut PT on Endava after results, see macro risks

Endava

28/09/2022 14:02

** Atleast six brokerages cut PT on Endava  DAVA.N  after
the consulting and software services firm on Tuesday beat Q4
revenue estimates on strong demand from existing and new clients
    ** Needham cuts PT to $112 from $135 to reflect lower market
valuations for IT services stocks and highlights co remains
exposed to political and economic disruption in the UK 
    ** Increased competition for talent hiring in South America
and Eastern Europe also poses risk as it could hamper DAVA's
ability to hire additional staff - Needham
    ** However, Needham says risk-reward is favorable given
solid results in the backdrop of choppy market conditions
    ** Cowen and Co cuts PT to $95 from $110, says co delivered
healthy earnings in FY22 however further macro clarity needed
for investors to buy stock given co's Europe client exposure
    ** Wedbush cuts PT to $90 from $120, Citigroup cuts PT to
$110 from $145, Susquehanna cuts PT to $110 from $150 
    ** Up to Tuesday's close, stock had fallen 54% YTD compared
with a 21% decline in the NYSE composite index  .NYA 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))