CIBC downgraded CGI Inc. to Neutral from Outperformer with a price target of C$151, down from C$165. CGI has been facing a difficult demand environment, translating to slowing revenue growth over the last year, notes the analyst, who is lowering the firm’s FY24 and FY25 year-over-year revenue growth expectations down to 1.5% and 3.0%, respectively, from 3% and 5%.
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