Endava initiated with a Buy at Guggenheim

Guggenheim analyst Jonathan Lee initiated coverage of Endava with a Buy rating and $60 price target. The pure-play service provider focused on emerging technology and digital transformation initiatives, says the analyst, who views the 42% pullback in share price on earnings as a buying opportunity. The high-quality digital pure-play is well-positioned to benefit from return of discretionary spending, adds the analyst, who calls Endava a Best Idea in IT Services.