Shares of Endava Ltd (DAVA) plummeted 5.05% in pre-market trading on Thursday, following a series of analyst downgrades and price target cuts. The digital transformation consulting company faced a significant setback as several prominent financial firms revised their outlook on the stock.
TD Cowen delivered the most severe blow, downgrading Endava from Buy to Hold and slashing its price target by 37% from $27 to $17. This dramatic shift in sentiment was echoed by other analysts, with Needham cutting its target price from $22 to $18 and Guggenheim reducing its target from $28 to $25. These actions suggest a growing concern among analysts about Endava's near-term prospects and valuation.
The wave of downgrades and target price reductions has clearly shaken investor confidence, leading to the sharp decline in Endava's stock price. While the company still maintains an average rating of overweight according to FactSet, the mean price target has now adjusted to $24.79. Investors will likely be closely monitoring Endava's performance and any further analyst actions in the coming days to gauge the company's future trajectory.
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