Genpact just downgraded at Baird, here’s why

Baird downgraded Genpact to Neutral from Outperform with an unchanged price target of $38. The analyst does not see a near-term catalyst for the shares, noting there have been leadership changes. The company’s 2024 earnings “could be biased lower” after a big ramp in margins in 2023 as short-cycle work and content management work likely remains under pressure, the analyst tells investors in a research note. If estimates fall, it could be hard for the stock to work, contends the firm.