Endava PLC (ADR) (DAVA) PT Raised to $43 at Needham, Top Pick

Needham analyst Mayank Tandon raised the price target on Endava PLC (ADR) (NYSE: DAVA) to $43.00 (from $36.00) while maintaining a Buy rating.

The analyst comments "We are highlighting DAVA as our top pick for 2025 and adding it to the Needham Conviction List. While DAVA's results over the past several quarters have been challenged and resulted in the shares underperforming its peers, by diversifying both its industry and delivery mix through organic and M&A efforts we believe DAVA is entering CY25 on solid footing. Specifically, we believe DAVA stands to benefit from an improving and broadening demand environment for next gen technologies that includes rapid adoption of AI solutions by Global 2000 companies. With the shares trading at a FY26 P/E multiple of ~14.5x, a steep discount to its peers, and organic growth poised to inflect higher over FY25 and into FY26 we believe the stock can re-rate and close the gap vs. its peers. We are reiterating our BUY rating and raising our price target to $43."

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