Thoughtworks upgraded to Outperform from Neutral at Baird

Baird upgraded Thoughtworks to Outperform from Neutral with an unchanged price target of $6. In mid-December the company noted early signs of stability, and Accenture recently guided to accelerating growth by mid-2024, the analyst tells investors in a research note. The firm expects to Thoughtworks to see accelerating growth in coming quarters, with estimates eventually biased higher as margins normalize. It also views the company as a takeout candidate, saying a $8-$10 per share price “seems reasonable.”