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DXC Tech Jumps on Bullish Call from Deutsche

Stock MarketsMar 30, 2021 12:42PM ET
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© Reuters.

By Dhirendra Tripathi

Investing.com – DXC Technology (NYSE:DXC) shares rose 6% in Tuesday’s trade following Deutsche Bank (DE:DBKGn)'s upgrade because of improved client service.

DXC is an important partner for many Fortune 500 companies, providing core services in information technology and business process outsourcing.

Deutsche's new buy rating comes with a target price of $44, which is 46% higher than the stock’s current price. Analyst Brian Keane previously had a hold rating on the stock.

Impressed by feedback from channel checks, Keane praised DXC's "critical enterprise technology stack."

He said the CEO Mike Salvino has "cleaned up" DXC's issues since he came to the chair in September 2019.

Keane expects revenue growth acceleration and margin expansion, and the current valuation provides an attractive entry point. He believes the analyst day, likely late May or early June, could include an improved outlook.

BofA upgraded the stock last month, saying that the "worst is likely over" for the company.

 

DXC Tech Jumps on Bullish Call from Deutsche
 

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