Thoughtworks price target lowered to $8 from $12 at Citi

Citi lowered the firm’s price target on Thoughtworks to $8 from $12 and keeps a Neutral rating on the shares. The company posted a slight beat verses Q4 expectations but its Q1 and full-year outlooks disappointed, the analyst tells investors in a research note. The 2023 outlook of flat-to-slight growth was well below peers due to delayed decision making; deals getting broken up into smaller sizes, and softness in China and Australia, Citi contends. It believes investors will want to see consistent and improving operating performance "before warming to the story."