Endava price target raised to $35 from $33 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Endava (DAVA) to $35 from $33 and keeps an Equal Weight rating on the shares while upgrading the firm’s U.S. IT Services industry view to In-Line from Cautious. Investor expectations and risk/reward now look “reasonably balanced for the next 12-18 months,” though while industry growth shows signs of improvement, key early indicators “do not point to meaningful upside to current estimates,” the analyst tells investors.