TTEC Holdings downgraded to Market Perform from Outperform at Barrington

Barrington downgraded TTEC Holdings to Market Perform from Outperform. The firm is reducing its 2023 non-GAAP EPS forecast to $2.54 from $4.12, primarily due to a reduction in its adjusted EBITDA margin forecast due to increased investment in the business. The company plans to increase investments in 2023, which, along with weakness in the relatively high margin hypergrowth business, should pressure adjusted EBITDA margins, the firm said.