UPDATE: BofA Securities Upgrades DXC Technology (DXC) to Neutral
BofA Securities upgraded DXC Technology (NYSE: DXC) from Underperform to Neutral, PT $27.00.
The analyst comments "DXC has traded down 1% YTD vs. the SPX up 4.2%. After pulling back from the high $20s to mid-$20s following Atos’s decision to abandon its bid for DXC on 2/1, the company reported stronger than anticipated F3Q21 results on 2/4. That print has failed to catalyze shares, which now trade at 6.7x C22E P/E, in our view representing more balanced risk/reward, especially as leverage improved to 1.2x vs. 2.4x last quarter, with further declines expected. Hence, we upgrade our rating to Neutral from Underperform. Our estimates and PO are unchanged."
Shares of DXC Technology closed at $25.73 yesterday.
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