Genpact downgraded to Neutral from Buy at Citi

Citi analyst Ashwin Shirvaikar downgraded Genpact to Neutral from Buy with a price target of $42, down from $46. The analyst is concerned that consensus estimates were not Q4-weighted as suggested by the company on its Q1 earnings call. Given the continued “tough environment,” modest delays are a “serious likelihood” and combined with the back-ended year can result in a downward fiscal 2023 revenue outlook revision, the analyst tells investors in a research note.