Endava downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded Endava (DAVA) to Hold from Buy with a price target of $17, down from $27. The company’s downside to fiscal Q3 estimates and lowered Q4 outlook “marked another frustrating print” as it continues to “navigate a very challenging period,” the analyst tells investors in a research note. The firm now sees a limited revenue growth recovery and earnings expansion potential in the year ahead for Endava. As the company’s peers demonstrate more stability, investors will find more attractive alternatives, likely causing a prolonged stock recovery, contends TD.