Endava PLC (ADR) (DAVA) PT Lowered to $15 at Guggenheim

Guggenheim analyst Jonathan Lee lowered the price target on Endava PLC (ADR) (NYSE: DAVA) to $15.00 (from $18.00) while maintaining a Buy rating.

The analyst comments "In-quarter underperformance and a negative revision to the company's FY26 outlook overshadow management’s incremental confidence in large deals, which was offset by slippage and lower conversion in non-large deals, partly due to fluid demand as DAVA makes an “accelerated shift to the future state.” We view the new FY26 outlook as relatively conservative at the low end and see the range as realistic. We maintain our Buy rating given management’s conservatism on the low end of the outlook and an undemanding valuation, which creates an attractive medium-term risk / reward, though near-term revenue growth and margins may be volatile, with our PT moving to $15 (vs. $18 prior) to reflect uncertainty in the near term."

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