Endava (DAVA) was downgraded to a Hold Rating at William BlairWe are downgrading shares of Outperform, as we believe the current setup for a growth recovery is more challenging than previously anticipated. Following another quarter of disappointing guidance amid a constrained demand backdrop, shares are likely to remain in the penalty box near term. While short-term reprieve may come from easing interest rates or improved tariff visibility, which could drive improved discretionary spending, the overall environment remains difficult.