Stifel analyst Adrian Pehl downgraded Nagarro to Hold from Buy with a price target of EUR 107, down from EUR 159. The firm has "decided to take a ‘show me first’ stance" after the company’s conference call on Friday, given its view that not all governance-related issues could be addressed on the call. However, it adds that its "caution could lift once Nagarro implements additional measures to improve investor confidence."
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