KeyBanc Downgrades Luxoft Holding (LXFT) to Sector Weight

KeyBanc analyst Arvind Ramnani downgraded Luxoft Holding (NYSE: LXFT) from Overweight to Sector Weight.

The analyst comments "We are downgrading Luxoft to Sector Weight due to soft demand from European Banks (Financial Services is 55% of revenues) and a lack of catalysts in other businesses to drive significant revenue upside. Although growth trends in Automotive remain healthy, it constitutes only 22% of revenues. We maintain that Luxoft’s operational presence in Eastern Europe will enable the Company to offer its clients differentiated digital capabilities, which could potentially drive medium-/long-term healthy revenue growth."

For an analyst ratings summary and ratings history on Luxoft Holding click here. For more ratings news on Luxoft Holding click here.

Shares of Luxoft Holding closed at $33.30 yesterday.

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