Endava price target lowered to $66 from $76 at TD Cowen

TD Cowen analyst Bryan Bergin lowered the firm’s price target on Endava to $66 from $76 and keeps an Outperform rating on the shares. The firm acquired DEK a private integrated software developer with 660 employees. Our model is updated for the deal but is offset by more conservative FY24 organic growth recovery and OM assumptions.