Genpact price target lowered to $50 from $56 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on Genpact to $50 from $56 but keeps a Buy rating on the shares after its Q2 results. The company’s business has been pressured in recent quarters due to the ongoing economic uncertainty that is causing certain volume reductions and reduced short-term project spend, but the demand for core BPO/analytics services remains strong, the analyst tells investors in a research note. Genpact remains well positioned to drive improved growth in the near-term given the company’s steady pace of large new logo wins, which is above historical levels so far in 2023, the firm added.