Kyndryl downgraded at Susquehanna amid ‘challenging signs’

As previously reported, Susquehanna downgraded Kyndryl (KD) to Neutral from Positive with a price target of $13, down from $16. While stating that Kyndryl has “come a long way” since it spun out of IBM (IBM), the analyst also says there have been “more challenging signs in the last year.” Signings have declined for three consecutive quarters and 2024 targets “seem illusive,” says the analyst, who notes that Kyndryl management has discuss that it has been difficult to ring-fence the client attrition to its former parent IBM.