Enfusion downgraded to Underweight on client risks at JPMorgan

JPMorgan analyst Alexei Gogolev downgraded Enfusion (ENFN) to Underweight from Neutral with a price target of $9, down from $11. The analyst prefers shares of SS&C (SSNC) to Enfusion given the company’s exposure to larger clients. Enfusion’s clients, which tend to be smaller hedge funds, are at risk of losing clients being consolidated under bigger money managers, the analyst tells investors in a research note.