UPDATE: Deutsche Bank Upgrades DXC Technology (DXC) to Buy
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Deutsche Bank analyst Bryan Keane upgraded DXC Technology (NYSE: DXC) from Hold to Buy with a price target of $44.00 (from $28.00).
The analyst comments "We are upgrading shares of DXC to Buy and increasing our TP to $44. After being on the job for ~18 months, we believe new CEO Mike Salvino (former Head of ACN Operations), has cleaned up DXC’s issues, and the company looks poised for a strong fundamental rebound over the next year and beyond. Mike has now replaced 75% of the Senior Management team (many from ACN) and we see accelerating revenue growth and material margin expansion on the horizon. Channel checks point to considerably improved client service levels. DXC has a critical enterprise technology stack to offer clients and we believe it will remain relevant in the digital IT Services journey. We expect the upcoming analyst day in May/June to provide a much-improved outlook and find the shares very attractively priced at only 7x CY22E EPS."
Shares of DXC Technology closed at $28.54 yesterday.
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