CNXC - Concentrix falls as BofA downgrades after weak Q2 results outlook
2023-06-29 13:06:28 ET
- Concentrix ( NASDAQ: CNXC ) shares fell more than 3% after investment firm Bank of America downgraded the application software company after its second-quarter came in weaker-than-expected and it offered a tepid outlook.
- Analyst Ruplu Bhattacharya lowered the firm's rating on Concentrix ( CNXC ) shares to neutral from buy, citing a weak macro environment, concerns about the impact of generative artificial intelligence and higher leverage creating near-term headwinds.
- Bhattacharya also lowered his per-share price target to $95 from $165 after the quarterly results and outlook.
- Looking to the third-quarter, Concentrix ( CNXC ) expects adjusted constant currency revenue growth to be between 1.5% and 2.5%, falling within a range of $1.635B and $1.65B.
- Operating income is forecast to be within a range of $172M and $182M, with adjusted operating income between $225M and $235M.
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Concentrix falls as BofA downgrades after weak Q2 results, outlook