BofA Securities Cuts the PT on Concentrix Corp. (CNXC) Ahead of Earnings Tonight

BofA Securities analyst Ruplu Bhattacharya reiterated a Buy rating and $200.00 price target on Concentrix Corp. (NASDAQ: CNXC) ahead of F2Q results due on Monday, June 27th after the market closes. The earnings call earnings call will be held on Tuesday, June 28th, before the market opens.

The analyst stated "In F2Q, we expect that CNXC continued to see strong demand from the Fintech, Healthcare, and Social Media verticals, along with improving demand from the Travel and Tourism sector. Consumer goods companies likely continue to face supply-chain softness. F2H22 should see stronger revenues y/y given 1) the benefit of the PK acquisition and 2) better pricing as management has factored wage increases into contracts. We expect margins to expand throughout F22, getting to 13.9% operating margin for the full fiscal year. If there is an economic downturn, we expect clients to outsource more to convert fixed costs to variable, and certain end markets, such as healthcare and social media, are resilient to a downturn. We reiterate our Buy rating on global scale, breadth of offerings, above-market revenue growth, and brand name."

For an analyst ratings summary and ratings history on Concentrix Corp. click here. For more ratings news on Concentrix Corp. click here.

Shares of Concentrix Corp. closed at $145.30 yesterday.

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