Piper Sandler analyst Arvind Ramnani lowered the firm’s price target on Ibex to $17 from $24 and keeps an Overweight rating on the shares. The firm notes Ibex’s results and guidance came in below expectations. Underpinning these “disappointing results” were clients moving workloads to offshore, elongated sales cycles, and pressured spend at some if its clients, Piper adds.
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