Endava PLC (ADR) (DAVA) PT Raised to $20 at Needham

Needham analyst Mayank Tandon raised the price target on Endava PLC (ADR) (NYSE: DAVA) to $20.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: "We recently hosted DAVA's CFO and IR for investor meetings in NYC. The focus of the meetings was on the current state of the demand environment following DAVA's recent results and revised FY25 outlook which were both below expectations. Management noted that the pace of pipeline conversion remains sluggish as clients delay new IT investments due to the uncertain economic climate. While NT spending remains cloudy, we believe estimates are likely de-risked and any stability/improvement in the demand climate could be a catalyst for upward estimate revisions and multiple re-rating. Moreover, with the shares trading at an inexpensive ~11x our FY26 EPS estimate, we believe the stock has limited downside risk. As such, we see a favorable set-up for value investors and maintain our BUY rating. Our target is bumped up to $20."

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