Grid Dynamics price target lowered to $17 from $18 at JPMorgan

JPMorgan analyst Puneet Jain lowered the firm’s price target on Grid Dynamics to $17 from $18 and keeps an Overweight rating on the shares. In conjunction with his 2023 outlook for IT and business process outsourcing services, the analyst re-balanced ratings and reduced estimates to assume slower demand in the first half of 2023 "given signs of corporate belt tightening." Jain says that while growth stocks underperformed in 2022, he expects better performance in 2023. Nonetheless, Street revenue estimates could prove to be too high for 2023, the analyst tells investors in a research note.