TD downgrades WNS Holdings on large client headwinds

TD Cowen downgraded WNS Holdings to Hold from Buy with a price target of $53, down from $64. The company cut its fiscal 2025 guidance as it pulled assumption of large deal conversion contribution from the forecast while pressure persists in online travel agency volume and project-based revenue, the analyst tells investors in a research note. The firm says WNS’s large client pressures and outlook volatility :have driven notable investor fatigue.” It will take time for the Street to regain confidence in a return to “clean business performance and guide reliability,” contends TD.