William Blair downgrades TTEC Holdings (TTEC) to a HoldWe are downgrading shares of TTEC to Market Perform despite better-than-expected top-line performance in the third quarter. We believe the reiterated full year 2025 guidance carries modest risk, especially for profitability, exiting 2025. Our primary concerns are that the transition taking place at the company will result in pressured growth and slow margin recovery, and that free cash flow generation is challenged while debt remains high. TTEC’s digital segment (23.5% of revenue) and capabilities have been a differentiator and have driven growth for the business historically; however, the segment is now in a transition phase.