William Blair downgrades Thoughtworks on operational challenges

William Blair analyst Maggie Nolan downgraded Thoughtworks to Market Perform from Outperform without a price target. The company reported Q4 results that missed consensus estimates and introduced both Q1 and 2024 guidance below expectations, the analyst tells investors in a research note. The firm believes it will take time for the company to stabilize operationally and return to growth. The firm is wary of additional challenges as the company reorganizes.