Endava price target lowered to $17 from $18 at JPMorgan

JPMorgan analyst Puneet Jain lowered the firm’s price target on Endava (DAVA) to $17 from $18 and keeps a Neutral rating on the shares. The firm updated targets in IT services post the Q2 reports, saying the sector is in the third straight year of below-average revenue growth. An improvement in growth is needed to drive higher valuation multiples, the analyst tells investors in a research note. JPMorgan is optimistic that sector growth will improve.