Morgan Stanley analyst James Faucette downgraded Endava to Equal Weight from Overweight with a price target of $80, up from $68. Trading at 24-times estimated 2025 consensus earnings, the market is assuming better than forecasted growth on large deal recovery, the analyst tells investors in a research note. The firm says Endava’s trading multiples already contemplate a return to growth on a spending recovery. It is expecting to see near-term softness across the company’s payments vertical.
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