Citi lowers Grid Dynamics target, opens ‘positive catalyst watch’

Citi analyst Ryan Potter lowered the firm’s price target on Grid Dynamics to $17 from $19 and keeps a Buy rating on the shares. The analyst would stay cautious on enterprise spending through 2023. However, while digital services growth has slowed due to macro weakness, it remains materially higher than industry growth and digital services continue to gain wallet share, the analyst tells investors in a research note. The firm opened "positive catalyst watches" on Grid Dynamics (GDYN) and Globant (GLOB). It expects Grid Dynamics to beat 1Q1 expectations and provide a Q2 revenue outlook above current consensus expectations.