Endava initiated with a Buy at HSBC

HSBC analyst Phani Kanumuri initiated coverage of Endava with a Buy rating and $74 price target. Endava has strong payment and financial domain expertise, which HSBC estimates should help drive 19% annual growth in the next five years, the analyst tells investors in a research note. The firm says a better pricing premium versus peers suggests stronger value proposition in the company’s focus areas. It finds the stock’s valuation as attractive versus peers.