Concentrix price target lowered to $55 from $80 at Canaccord

Canaccord analyst Luke Morison lowered the firm’s price target on Concentrix (CNXC) to $55 from $80 and keeps a Buy rating on the shares. The firm noted shares are down sharply following Q4 results and they believe the reaction is disproportionate to what was a largely in-line quarter. The sell-off appears driven less by what was reported and more by the cadence of the recovery as Q2 guidance implies further deceleration to roughly 1.5% constant currency growth at the midpoint before a back half re-acceleration.