Alliance Global Partners analyst Brian Kinstlinger downgraded Perficient (PRFT) to Neutral from Buy with a price target of $81, down from $86. Peer IT services provider EPAM Systems (EPAM) gave lower than expected 2023 guidance as project delays were no longer isolated and some programs began ramping down, while Endava (DAVA) also gave disappointing 2023 guidance earlier this week due to weaker demand trends, the analyst tells investors. The firm believes delays are likely a bit more widespread industry-wide, and therefore lowers its estimated organic growth rate and 2023 adjusted EPS estimate for Perficient following the commentary by peers.
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Published first on TheFly