JPMorgan analyst Tien-tsin Huang downgraded Genpact (G) to Underweight from Neutral with an unchanged price target of $40. Relative to Cognizant (CTSH), Genpact’s stock “tolerance to continued muted” short-cycle work and any potential slowing of large deal backlog is weaker, considering a steeper second half of 2023 ramp implied in its guidance, the analyst tells investors in a research note. The firm says that while the stock isn’t expensive, Genpact’s margin for error seems lower to meet second half targets that requires large deal momentum to continue.
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