Grid Dynamics price target raised to $14 from $11 at JPMorgan

JPMorgan raised the firm’s price target on Grid Dynamics to $14 from $11 and keeps an Overweight rating on the shares. The analyst rolled forward IT services price targets to December 2024. The firm says that while the business process outsourcing sector had a “punishing” first half of 2023, it feels better about the achievability of fiscal 2023 outlooks. However, there is “more downside than upside risk” assuming strength in large deal momentum fading is greater than short-cycle work recovering, the analyst tells investors in a research note.