HSBC Downgrades Endava: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
HSBC has downgraded Endava (NYSE:DAVA) to Hold, raising the price target from $68.00 to $80.00. Despite the upgrade in price target, Endava's shares fell 2.28% to $72.95. The new target suggests a potential 9.66% upside. Endava specializes in digital transformation and software services, mainly in the U.K. and Europe, focusing on various industries including financial services and telecom.
January 08, 2024 | 5:00 pm
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HSBC downgraded Endava to Hold, yet increased the price target from $68 to $80. Endava's stock declined by 2.28%, currently at $72.95, with the new target indicating a potential rise.
The downgrade to Hold suggests a neutral outlook on the stock's performance, which may limit short-term upside potential. However, the increase in price target to $80 indicates a belief in the company's value and potential growth, which could balance out the negative impact of the downgrade. The recent drop in share price may also be a reaction to the downgrade, but the raised target provides a positive outlook that could influence future performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100