BofA lowered the firm’s price target on Concentrix to $85 from $95 and keeps a Neutral rating on the shares. The firm notes the company slightly missed its revenue guidance range for Q3. The macro environment remains weak causing projects to be delayed, leading to slow year-over-year growth from new economy/disruptor clients, and leading to volume softness in the communications, and consumer electronics verticals, BofA said in a research note on Friday. Moreover, the firm sees the uncertainty around impact of Generative AI/ChatGPT remaining an overhang until investors get more empirical data around the actual impact to revenues.
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