Telus International downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Telus International to Equal Weight from Overweight with a price target of $15, down from $23. The company announced preliminary Q2 results below Street expectations, driven by demand reductions from several large clients and delays in bookings conversions, the analyst tells investors in a research note. The firm downgraded the shares due to the uncertain macro environment and limited visibility “as the Technology sector continues to retrench.” Barclays is not expecting Telus International’s key end markets to re-accelerate until the macro picture becomes clearer, which it says may take some time.