Endava: Downgraded To Hold As Outlook And Execution Became Very Uncertain [Seeking Alpha]
Endava plc American Depositary Shares (each representing one Class A Ordinary Share) (DAVA)
Last endava plc american depositary shares (each representing one class a ordinary share) earnings: 2/13 07:14 am
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Source: Seeking Alpha
I have become more conservative in modeling the business and have downgraded my rating from buy to hold. The weak revenue outlook, lower utilization rate, and integration challenges with GalaxE contribute to the poor near-term outlook for Endava. Summary Readers may find my previous coverage via this link . My previous rating was a buy, as I believed Endava Plc ( NYSE: DAVA ) would see its valuation rerate upwards to the historical average as the business continues to grow. My underlying belief was that IT spending should recover as the macro environment returns to normalcy. It is pretty clear from the share price drop that I have overextended myself in this stock due to my overconfidence that a return in IT spending would come true. I am revising my rating from buy to hold as I lost confidence in the growth outlook of the business after the massive guide down and poor performance. Financials / Valuation DAVA reported 2Q24 revenue of GBP183.6 million, down 10.6% vs. 2Q23. G
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DAVA
News
- Endava plc (NYSE: DAVA) had its "equal weight" rating re-affirmed by analysts at Morgan Stanley. They now have a $40.00 price target on the stock.MarketBeat
- Endava plc (NYSE: DAVA) had its price target lowered by analysts at Citigroup Inc. from $40.00 to $33.00. They now have a "neutral" rating on the stock.MarketBeat
- Endava plc (DAVA) Was Down 40% in Q1 [Yahoo! Finance]Yahoo! Finance
- White Falcon Capital - Endava: Has The Culture, Scale And Competencies To Succeed [Seeking Alpha]Seeking Alpha
- Endava Completes Acquisition of GalaxE Solutions [Yahoo! Finance]Yahoo! Finance
DAVA
Earnings
- 2/29/24 - Beat
DAVA
Sec Filings
- 4/24/24 - Form 144
- 4/10/24 - Form SC
- 4/9/24 - Form SC
- DAVA's page on the SEC website