Endava price target raised to $36 from $33 at Needham

Needham raised the firm’s price target on Endava (DAVA) to $36 from $33 and keeps a Buy rating on the shares after the company’s investor day event discussing the evolution of the business over the past few years along with the investments being made for driving long-term growth. The firm’s key takeaway is that while overall demand remains choppy, Endava management is creating a stronger business through diversifying the revenue and delivery base accelerated by recent M&A while also investing in next-gen solutions that should benefit growth once demand normalizes, the analyst tells investors in a research note.