Endava price target lowered to $52 from $85 at TD Cowen

TD Cowen analyst Bryan Bergin lowered the firm’s price target on Endava to $52 from $85 and keeps an Outperform rating on the shares. The firm said the outlook reset was from client spend delays, but they don’t believe it’s indicative of structural problems in the company’s business or a change to its growth and profit profile.