JPMorgan analyst Puneet Jain downgraded Endava (DAVA) to Underweight from Neutral with a price target of $5, down from $9. The firm cites the company reporting yet another earnings miss and guidance cut, further reinforcing investor skepticism around Endava’s revenue predictability and the company’s ability to execute, the analyst tells investors in a research note. JPMorgan adds that while the management attributed the weakness to slower pipeline conversion, the firm notes that issues over the last few years stem from adverse revenue exposure and suboptimal delivery, which could continue to hurt growth rates over the near term.
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