0223 GMT - NTT Data's overseas business will likely be a key medium-term earnings driver, given that the company is seeing gradual investment returns from both its U.S. and EMEA markets, Jefferies analysts Hiroko Sato and Hangil Moon say in a research note. While there may be concerns over the performance of the Japanese IT company's domestic business, effects of a macroeconomic slowdown may be limited, the analysts say. "Since many of NTT Data's clients are industry leaders, we do not expect any sudden cuts to their IT budgets, even against a macro slowdown," they add. Jefferies maintains a buy rating but cuts its target price to Y2,340 from Y2,700 due to its discounted valuation. Shares are 0.7% higher at Y1,976. (justina.lee@wsj.com)

(END) Dow Jones Newswires

October 05, 2022 22:23 ET (02:23 GMT)

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