DXC Technology downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded DXC Technology to Underperform from Peer Perform with a $22 price target. The analyst believes the company’s broader cyclical and structural challenges will continue in the near-term. DXC shares may remain challenged pending greater line-of-site to an inflection in revenue growth, the analyst tells investors in a research note. The firm says the IT services industry is facing cyclical headwinds, and visibility for a rebound remains low.