UIS - Unisys plummets as Maxim Group downgrades after 'mixed' 2023 outlook

• Unisys ( NYSE: UIS ) shares fell nearly 8% on Friday after the information technology company reported fourth-quarter results earlier this week and offered a "mixed" outlook for 2023, prompting a downgrade from investment firm Maxim Group.
• Analyst Matthew Galinko lowered his rating on  Unisys ( UIS ) shares to hold from buy, noting that 2023 is likely to be another year of falling revenue, EBITDA and EBITDA margin.
• Galinko said the company is anticipating a "lull" in renewals in its higher margin Enterprise Computing Solutions segment while it builds up the next parts of its Digital Workplace Services segment.
• "At 16x our new 2024 EPS estimate, we believe the risk/reward is balanced," Galinko added.
• For the full-year Unisys ( UIS ) expects revenue to decline between 3% and 7% on a constant currency basis, with adjusted operating margins between 2% and 4% .

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