Endava price target lowered to $40 from $45 at Guggenheim

Guggenheim lowered the firm’s price target on Endava (DAVA) to $40 from $45 and keeps a Buy rating on the shares. While delivering on fiscal Q1 expectations “appears achievable to us,” channel conversations suggest incremental budget adjustments by clients, which the firm thinks may pressure the high-end of Endava’s FY25 revenue growth outlook, the analyst tells investors in a preview.