Citi analyst Ashwin Shirvaikar downgraded Thoughtworks to Neutral from Buy with a price target of $12, up from $11. Thoughtworks is likely to continue to see slower growth than peers given the macro environment and its "idiosyncratic global exposures," Shirvaikar tells investors. The analyst also thinks lower utilization of higher priced talent is likely to weigh on Thoughtworks’ results.
Published first on TheFly
