Thoughtworks downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Thoughtworks to Peer Perform from Outperform without a price target. The analyst sees limited share upside due to cyclical challenges in discretionary and non-mission-critical work. The shares may remain rangebound until the macro environment and client budgets improve, the analyst tells investors in a research note. Wolfe says IT budgets are facing greater scrutiny and the deals Thoughtworks is signing are smaller and taking longer to ramp.