Gartner assumed with a Hold at Jefferies

Jefferies assumed coverage of Gartner with a Hold rating with a price target of $358, up from $323. While Gartner’s business is both stronger and more defensive than at any time in the past, macro uncertainty is growing, and shrinking client budgets are negatively impacting both client and wallet retention rates, the analyst tells investors in a research note. Gartner’s 2023 guidance looks achievable, but Jefferies sees no acceleration in 2024.